KENDAL ALMSHOUSE CHARTrY Regknter¢d Charity Nllmber 1172208 Emtland 5097 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 St*bles ThompsoD & Brix Chart¢T¢d Aeeouitsnts Ststmtory Audbto
KENDAL ALMSHOUSE cHARy FINANCIAL STATEMENTS FOR THE YEAR ENDED 3) DECEMBER 2023 Clwity Inforniation Tnytces, Report Statement of Tnte¢s, RpIbili¢s Jndepend¢nt Auditors, Report 8-10 ststement of Compreknenjive Income ststement of ChaD8es iti R¢serves 12 Ststtment of Financial Posiiif 13 Notes to the FinAncial Stst¢m¢n 14-22
KENDAL ALMSHOUSE CHARITY CIIARrrY INFORMATION Established u CIO 22 March 2Q17 Principa] Offi Suite I, Cutnbria Tourism Business Centre Winderniere Road Stsveley LA8 9PL Rewstered Numbers Registu Charity Number 1172208 Homes and Communities Agency Registration Number A1059 Trusw$ Mr P G [jcks ( Chair) Mrs C D(dwell (Vice Chair) Mi55 S J Barrott (•ppointed 17 July 2023) Mrs H Filch M5 L Gray Mrs J Hale Miss D lnd Mr J Stirling Managing Ageni H & H land & Eststes Suits l. Cumbria Tourism Busin¢sJ Centre Staveley IA8 9PL Tel- 01539 721375 Banke Bar¢lays Bank Pk 9 Highgttr Kend¥l Cumbria LA9 4DF tndcpendent Audiiors Stsbles Thornpn & Bris¢oe Chartered Accountants StsMiory AuditorJ wther House Kendal LA9 4DX Pte I
KENDAL ALMSHOUSE CHARr TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 21ll3 Th¢ Truste¢$ present their report and the audited fmanciil ststements fw th¢ year ended 31 December2023. Governance, Alms, Str¥ttsre and Matyiernent The K¢Dd41 Ahnshouse Chariry was Origilty five charit4bk organisatii)ns re8iSteTcd with the Charity Commission. In 1987. th¢ Charities were amalgamated fv create the Kendal AlMShJ3e Charity wider i MemOTdUrn of Asgoci•lion which e5tsbli5hed the objects and powers of the charitsble or8anisation, dated 2 Dernber 1987. In 2014 the assets alld liabilities of Kendal War Memorial Tru51 w¢re acquwed by KendAI Almsh$¢ Charity. In March 2017. the Charity Commission approved th¢ Conversion to * Cb•ritable IncoTPQrnted Org4ni$ation (CIO). AII the as5e¢s •od opeTation3 w¢re transf¢rr¢d into the CIO from June 2017. The Clwity NumbeT of the CIO is 1172208. There are ¢ighi Trustee5 11 th¢ date of this repor( with one new tnwtee re¢niited during the ]ast year. Mr P G Duckibury remain3 Chair. Mrs C Dodwell Temains •$ Vice Chttir. Mrs J H&le is ¢WY¢Dtly Ch•iT of ihe Finan¢¢ Committee, Mr$ 11 Fitch is Chair of the Lettings Cottunitt¢e Miss D Lund is Chair of th¢ Building Committee. Ten Th¢3 would be the ideal swc¢ur¢. are ell18¢d to,knelwo. to find $uitsble new Truste¢$ and the Chority adv¢rti$ position5 Available. Th¢ skills of the Tret9 aT¢ regularly reYiewe4 and they are 411 encouraged to th a lead in an aspe¢t of the Charity business. Ea¢h Truet IJ appoint¢d to at least one of the thr¢¢ CLYnmitie¢s' FinanK Buildings or Lettiny. It 1$ the policy of the Charity ts) appoint TnLSt¢¢8 with expwi¢nce in the kt¢in8 of residenliil property. re of the ¢lderty and those in need building Conson. fmantt. iDvestrnent l¢gal matters. Prior to appoiniment of new Trn$iee4 th¢ cwNlidaks are Fyovkled with an induction pAck wbich includes the GoverniD8 Instrument and minutes of r¢¢¢nt quarterly m¢etin8s of the ¢ommittees and the full Thi$te¢s. The Chair and cle meel candidates to dTs¢¥s$ the background history and policy of the Chty. together with the fijture plans and objective5 of the organisati(yn. fOre their #ppointsnenL Ea¢h tential Trustee attends a quarterty Trte¢ medin& as on observer. before being •PPQiDted. ChorRty Commission pubiiciiJns gre also made awailabie. together with publications from the National A5$0¢i8tion of Almshouses of which Kendal Almshowe Chgrtry is a member. The stsndard of Alm5houyc Managemeni publication made available for ¢andidat¢3. New Thistees aTe issued with 4 Tree HaDdiYNJk wbich details how the Chity is run and what is exF¢¢d of them. The implications of being a R¢gts*red la1 Housin8 Provider ate also explatned to new Tne¢s. P4e2
KEND.4L ALMSHOUSE CHARITY TRUSTELS, REPORT FOR THE YEAR XNDED 31 DECEMRER 2023 truc Th¢ Finance Committcc meets at It every quarter, bcfor¢ ch quarterly Trnslee mretin8. The txttin8 Committee 4nd Building Cornmittee Me tarly. Rectnily app)inicd Trustecs are appointed to a specific Committee whi¢h is rel¢vaM to iheir exp¢ri¢n¢¢. All eommitte¢s MprISe a minimum of three I"ruses and operate und¢r t¢rnis of reference. The Letting Committee rnccts to decide to app)ini applicants 5eekin8 a hom¢, based on the aims and objectives of the Charity and th¢ cir¢umstsnccs ofthe individual applicants. It a150 liaSe$ with the Building Committee 05 regards UP8rading of vacani units. Th¢ fun¢tion of the Buildin8 Commitl¢e is adv¢se the Trustee5 on major Improvemen refurbishment schemes and th¢ ¢on¢lu$ions of the quinquennial stsrvey ports. Quin4uennial repons are ob(aincd on thc general conditlDn of the housing stock with rccommcndation5 on improvemenls and ur8ent repairs needed. 'IThc5e r¢ports Irc undcrtikcn by a professional Building SurvcyoT. Quinqu¢nnial inspectbon5 w¢r¢ It undenaket) in 2020 arml we will be going out to tender for quinquenttill 5urvey5 Qn all thc pmperry 5k later thi5 year. Th¢re are t)0 Si8nifi¢ant buildin8 repairs requir¢d but there is an on8oin8 pro8ramme of repl#¢ing boilers. internal up8rad¢s and exiernal dccora(ion. Thc Building Committ¢¢ has been con¢entr&ting on the redevekjpment of the"Roml¢i8h" site which be¢n vi¢ani since 2019. Plannin8 pennission was obiained durin8 2021 to demolish ihe bungalow and r¢build with ¢wo scmi. d¢ta¢hed orte drrn dwellin&8 and a new plannins gpplication lo vary ihe design was submitted in 2022 (approvcd Febru8ry 20231. I,ollowing Thvo icndcr processes. a prtferred wn¢ra¢lor apix)inied with a contract price of £541.505.35. Work on 5il¢ ¢ommenc¢d in July 2023 with completion schedulcd for April 2024. Thc Chlty has secured total grani fvndin8 of £248.(KIO: £208.000 from Ilomes England and £40,000 from W¢simorlBnd & Furness Council IWFC). 'lknc Charily Iw r¢¢cived the WFC grant in full Ind 75% ofthc Homes, England, wilh th¢ r¢maining 25% due on ¢omplthMJll. The Charity obtain¢d a loan from Charity Bank in the sum of £480.000. tsf whi¢h was use4J to settle the outstandin8 Fjarclays loan taken oui for thc refurbi%hm¢nt of ihe Sleddal Vicloria Almsht)u$es after the devastation causcd by fl(xMlin8 in 2015, resuliing in nct borrowin8s ofc.£270.0(H) towar¢ts th¢ Ruml¢igh project. The Inan was se¢ured again51 the propcrtics ht Nobles Rest. 'I'he full gmount of the IoAn has now been drawn down. with the final amouni done on 22nd M8r¢h 2024. Thc rcmaining ¢051 of ihe Roml¢iBh projcct is being from ihe Charily's T¢s¢rv¢s. further dctsils of which are providcd bclow. At the lime the loan was (ak¢n OUL thcrc w&$ somc unceriainly about £IOO.OCKI of the 8rant fundin8, which 5ubs¢qucntly awarded. Con5cquently wherra5 it wa5 anticipated that the Charity would usc £200.000 of its reserve5 for th¢ proj¢cL it is rtow cxpected to be ¢loser to £lOO,(Kl. The ¢harity follows th¢ nbles amd rrgulaliL5 of Homes England. em The I'inan¢c Comrnittec monitors the suitsbility and adeqUY of the investments. taking into account ihe OPerlOn8[ and htr requirements of th¢ Charity. It normally rnts imm¢dialy prior the full trustees me¢iin& providing a¢¢urate and iimely rewjrting. The ADUat are Regier¢I AudilLYS. and thc CEerk is a member of the knyal Instittrte of Chartered Surveyors. PAEe 3
KETrAL ALmsHOsE CHARITY TRUEEs, RKPORT FOR THE YEAR EYL DED 31 DECEMBER 2•23 Risk MaThaLemcnt ontinued Together with the existirtg tnana8ement slruclure and administrative 8rrangerncTrt5 in place, regular monitoring of the agreed risk management policy and applicable indemnity in$tsr8nc¢ arTangun¢nts. the Trusttts att l$fIed that 4ppropriate risk management practirtt are in plac¢ to meet the needs of the Charity and protrd its activities. To addres5 the potcntial risk u50ciaied with ihc irnpendin8 retirement of ihc Clerk, the Trustees have agreed pnd Signed a SeiCe Ikvel Agrtement with the Clerk's professional offirc5 H & H Land and E5tate5. Chortered Surveyorg. The Clerk's h8$ instiwed the grlual transfer and delegauon of the Clerk'5 duties to collea8UeS, including the Accounts and Administrntion Deparrni. The Service Jxv¢l AgrE&nent is ]eWed at each quarterly meeting. The Trusl re8ularly reviews its w)licie5 by looking at two io thrt¢ at each quarterly mectin& During 2023. up to the prc¥eni dal¢. almost all the policies and th¢ risk ¥ssessmeni have been reviewed and updatcd. 'lknere li some risk 8SSC<i#ted wilh th¢ Rornlei8h projecL howevu. w th¢ dai¢ of this report, the project is approximately 800h complete and Currwdy cost ovemin is expeacd io be in th¢ order of £2,363.75. The financial risk 1$ being mi¢i8at¢d by 5ecurinB nI fvndin8 sndloon fingncc at the best possible me. in order to keep usc vr the re$erYes in th¢ urder of£ioo,000. Increases in intercst r•l¢s Jr¢ i risk and the option to fix the mortgagc rate will be kept under review by"I'nLStees. "lThe ri#k$ asxiated with th¢ construction and project M18neI mitigated by soinB through a frnder proces4 puttin8 in place a JTC ¢onirKi with some contin8enq and a bond and ¢h¢ appointment of a professional tepm, including thc AhIte¢L Quantity Surveyor and Principlc Dc5iBner. SalTer Coop2r are Ytlso providinB profLs5ional consultsncy services in re18tion ¢0 the man88emeni of ST1 funding ond ¢18ims. Conflicls_Q nterest At the stArt of cach meeling of Trustees, including Commillee meetin#& attendees are asked to dcclar¢ arty conflicts of interest. During the period all Trnsitts si8n¢d a dKlarntion they are no¢ conn¢d¢d io any of the regular suppli¢rn pnd contractors eng28ed hy the Chgrity. ObJtetlve¥ Aclivitia Public Beog Tht Charily'5 prin¢ipal objective is to providc a wide range of affordable unfumi8hed homes for those in need and who rtside in the town of Kendal. Curnbria. and adjoining parishe5, &5 defincd in thc Charity's Governin8 InstNment. tkpending on ¢he l¢v¢l of interesi from these areas, li is pemissible to cxtcnd ihc d¢fLn¢d re8ion into thc areas frjmially within the Distyirt of South tthlat)d aJMI the Borou of Bwrow-iA-burnes$ (now within Westmorland & Furn¢55 Council). The Trustees ¢onfJmi that they havc rcvicwed the Charity Commission's 8uid8ncc on the provision of publie benefit nd consider that the public t*n¢fil requirement is duly satisfied by thc activities wricd in athievin8 the Charity's objectives. Vacancies for almshouses are advertised in a local week]y newspaper and on the Charity'5 wd)site. Appli¢ants are rrquired io completc a detsiled applitiOn fonn. All applications are form8]ly considered by the L¢ttin8 Cotnmittee, which will intCTVi¢W Bpplirants as nccc55ary. No restrictions are plac¢d on applications by virtue of gender or for so¢ia]. r¢li8ious or ethnic rc&wns. Page 4
KENDAL AIMSHOUSE CHARrrY TRUSTEES. REPORT K)R THE YEAR ENDED 31 DECEMBER 21123 Under the provision5 of the Gov¢rnin8 IDsttiun¢nl weference 1$ given to pa¥ons aged SO years or rn0. West]llorland and Furness Coun¢il works closely wtth the Charity to help idtify those in n¢ed ID the area. The Charity a]so li#is¢s with Social Services to adaw properties for the ben¢frt of occupiers. Regular inspections covering the 8eneral coDdilion of the Charity's properties art undertaken by the Cl¢t where necessw a qualified building swveyor to highlight improvements aDd other work n¢¢ded to maintairt the buildings in a good stsle of long-iem) repair. Additionalty. the oppornmity is Dormally takety when a propeity becomes vacanL to improve the facilities as ncc¢s5ary. slt[n8 initiauves involve p&dIng the quality of the Charrty'5 housing stock to achieve Decent Homes Stsndards. I requÉrement of Hne$ England as KeDd¥l Aimshouse Charity is Rewtered Social Housing Provider (RSHP). In 2020 Speciall Jurveyors were engl& to estsblisb •ny immediate r¢quir¢ments necessary to the housing stoc ¢xcluding SleddAI Victoria Atmshous¢s which were substsntially refijrbished restored after th¢ 2015 floods, to comply with D¢¢ent Home Standard Ststus. All ikm$ high1htCd to be oddre55ed in the medium tenn have be¢n Addressed. Achl•veJwents A Trd Perform#ntt Tar et Rents The weekly Mainten¢¢ contributions m4intsined within the guideliDes of the Homes and Communitie$ Agency. All the housin8 stock, with the ¢xcepiion of Romleigh, forn)erly the property of the Kenthl War Memori•l TTUSL are now at target rems. Th¢ weekly maintenanc¢ ¢ontributions w¢rr reviewed and Incr¢W ID line with the Homes England guidelines, with eff¢ct from January 2024. Im rovements and M ' an¢ Roml¢igh was demolished in 2023 and two new alrnshouses are being constructed on the sile. These are ¢xpe¢ted io be re#dy lo occupy by early summer. Ther¢ are no other si8nifi¢•nt p11 works or improvernents propwed for 2024. A larg¢ stone boundary wall at Nobles Rest whi¢h had partially ¢ollapsed was rebuilt durllw 2023. External de¢oration of the almshou9¢5 at Sandes H(wital and the fron¢ elevation of the Sleddal Victoria almshouses was etirried out in 2023, wlth the rear elevation thie to be completrd Swill8 2024. A$ pn)ptrti¢s have become vKanL they have undwDe minor improvements and refurbishment. Fl#aDri•l Revlew An annual bud8et was ronsider¢d and ayeed by the Thte¢S at the 2023 and 2024 meetings, based on ihe recommendations from the National Association of A]mshouses for annual amounts for each of the three designated funds. beitig routine mainien•nc¢. extraordioary rcpgirs and cyclic81 IntenanCe. The OUi¢ome of the ¢PrIty'S OP¢Tations for the year ended 3 1st De¢onber 2023 shows gn operating surplus iti th¢ Slement of Comprehensive In¢ome of £59,069 up £14.464 (xl 2022, primarily duc to the ¢xF¢nditure on th¢ development of Romleigh now being in the co1ctiOn phase. Totsl comprehensive income was £72.750 for the year which was higher than th¢ totsl of £21,882 for 2022 primerily due to the reversal of the movement in the fair value of the investsients. Any costs reling to Romleith from Janwy 2023 onwards have betn capitsli5ed. P•ge S
KENDAL AIJISHOUSE CHARITY TRusfEES' REPORT FOR THE YLIR ENDED 31 DECEMBER 2023 At 31 December 2023 the arity had • sury)lus on iDcome of £224.409 before the long terni mortgage of £291263. The Trustees have adopted a reserv wlicy to build a free reserve equivalent to one y¢ar's income from weekly maintenance contributions (currentty £223226). Th¢ Ttserve set aside wovides fina101 stybilty and the meat)s to the d¢v¢lopment of the principle activity. Our reserve level is set with the knowied8e that significant void levels may occur due to the age and type of wop¢rfi¢$. ThtreS aTe awor¢ that some prop¢rEies lie withRn the Kenda] Flood Zone and have experience of significant PTolonBed voids as a consequence of11(J(Jdin& although flOj prevention measu9 aTe urrently Under Construction. The Th]stee5 meet regularly. quart¢rty. to review th¢ )mount of resvv¢$ that are T¢quir¢d to ensure they are adequate to fulfil the ¢offjinuiDg oblig81ions. It was proposed ¢0 use £IOO,000 of the Kcumulat¢d income for the Rornlei8h projeci in 2023. with another £lOO,000 required for Romle1 coming from th¢ Emergency Repair Fund inv¢sttnents if required. To £13.061 of accumulatsd income been us¢d. The tothl inves1nttts gt 31 Dc¢ember 2023 4re £335,977. The Charity's obj¢ctive for the inv¢stsnent of fijnds not requir for short4enn and mcdium-tenn operdtional reasons is io apply such funds so as to achi¢vc a balance behve¢n income 8ener8tion and capitol growth over the lon8er temi, ¢onsi5tent with th¢ dcee of risk ¢ort$idered £¢pble by the Tru5lttS. Accordingty, the fund5 are invested in COIF and NAACIF which are considered to provide an gequate 5weMI of risk and an ac¢eptable Tetyrn and •re monitored re8ul8rly by the Finance con71t¢¢. V•lu¢ for money Kendal A]mshou#e Charity asse$8eg how it is a¢hieving for money in deliverin8 its PUWlse Ind objectives, in accordance with regulator's Stdard on valu¢ for money. This means managing r¢sources economically effici¢nlfy and effectiv¢ty to provide quality setvices and bomes. The TTU31ees review Target rents. investment perforniance. expenses and th¢ charitys r¢gour¢¢s whik se¢king lo achieve de¢¢ni homes Stand and maintain the level of seryi¢e expeded by lents. V¥lue for money metrles Kendgl AITnshouse Charity 1$ 8 small provider for the ofdisclosuT¢ of the Value for Money Metrics. Dixlosurts are as follows.. 2020 2023 2022 2021 2019 Reinv¢sim¢ni Y• New supply deliver GeaTin8 EBrrDA MRI Interest cover Headline Social Housing Co per UDII Operaling margin Return on C4pitsl Employed 0% 0% 8Y .286% Iiy. 1216% 8% 58(rA 8% 1115% 12/• 686•A £3,837 26•/o 2V• £4.535 23% £5,033 £2255 26Y• IY• £2.411 46•h The Value for Money Metrics are variable as this is • snmll RSL amd Iny project will affect the ratios more than iar8er RSLS. Page 6
KENDAL ALMSHOUSE CHARTrY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21r23 Statemtnt of ¢ompil8ne¢ Kendal Almshouse Charity &% tt regI¢T¢d wovidtr of MKpal housin8 ass¢55es compliance with the Governance Financial Vitibility Stsndard cod¢ of PTXtice issued by th¢ Homes and Communities Agency in April 2015 on an annual basis. The Charity has in plac¢ predureS and 11¢1¢5 to comply with th¢ wd¢ of praciice and the trustees review these regularly. Approved by the Tn15 on 22 April 2024 and siwKd on their bebalf by. P C Dleknbllry Chair STATEMENT OF TRusfEES' RESPONSIBILITIES The Chariiies Aas md giStered social hou$ttig1¢8islatioD require the TDJstees to prep8r¢ financial ststements for e4¢h fmancial year whi¢h gtv¢ a tnK and fair view of the stste of affairj of the Charity ond of the ju?US or defwii for that pwiod. In preparin8 the flnancial stalnents the Thwees requiTed to: • select SUi¢abk a¢¢ountin8 policies Ind wly th¢m ¢OnSiSnUy; make judg¢ments and estimates thal aTe Teawnable Ind PTth¢ stste whether applicabk accouniing Stsndards have b¢tn followe4 Sllbj¢ w any material departures disclosed and ¢xplained in the finAnri•l sth¢ements' aDd prepare the finan¢i41 statemems on the going concern Ixsis unless it is inapwopri¥te io presume that the charity will wnlinue in operation. The Tru&t¢es are responsible fvr keeping proper accountiDg records whi¢h diK]ose with aSoNab •¢¢uracy the financial position of the Charity atkd enkble them to ensure that the fmanci8151atern¢nts comply with the Ch4rilies Act 2011, the Housing and Regenerdiion Act 2008 and the A¢¢ounling Direction f( privale re8iStered provid¢rs of social hou8in8 in Engjand 2019. The Trusttts are T¢sponsible for safeguarding the asstts of the Charity and hence for taking reasonable steps for the prevention and de¢e¢tion of fraud and oth¢r iTTe8ularities. Approved by the Ths¢ees on 22 April 2024 and signed on their bEhalf by: bury Chair P¢7
Ind¢pemdeDt Audi¢orf$ r¢pDrt to the Trustees of Kewd81 Aknsboust Charlty Opinion We have auditrd the fllwiciJI ststements of Kettdal Almshouse Ch8riry forthe ye4r ¢nded 31 De¢¢Tnber 2023, whith comprise the Statement of Comprehensive Inconk, the Statement of Changes in Reserrfes. the Stat¢m¢llt of Financial Position and notes to the fmancial stements. including significant ac¢owiting policies. The r]natt¢ial reportm8 framework that h&q been applied in their PTepardtiOn is applicable law and United Kingdom Accowiting Standards. includiD8 Financial Reporting Stsndard 102 The Financial Rewffting Stsndard 4)plicable in th¢ UK aod R¢pub]ic of beland (utili Kingdom Generally Acceptsd Accounting Prnctice). itt our opinion the financial ststements.. - give a true and fair vi¢w of the stale of th¢ association'5 affairs as ar 31 D¢cember 2023, and of its incoming resources and pplicaiion of re50UTQ¢4 including i¢5 irwme and expenditure, for the year then ended. - have been property prepared iti accordance with Uniied Kingdom Generalty Ac¢eped Accowiting Prndice. and - have been pr¢p8red in accordan¢e with the requÉr¢m¢nis of the Charitiu Aci 2011, the Housin8 aDd Reg¢ner&tion Act 21N)8 ond the Accounting Dir¢ction for priv•tr re8iStered PrOde¥ of sociaL houstiig in England 2019. Ba¥iJ for oplnlon We conducted our audtt in accordance with International Stsnd•rds on Audi¢ing (UK) OSAS (UK)) and appli¢abk law. Our respnsThi iliiieg under tho¥¢ standards aT¢ further descnl>¢d ID ihe AuditoT's resp)nsibilitie5 for the audit of th¢ fmanci&l statements section of Cw report. We are itidependenl of the SocIatIon in a¢eordance with the ethical requirejnents that are relevani to OUT audit of the fffjancial ststements in the UK iticludin8 the FRC'S Ethical Standard, we have fijlfilled our other ¢ihi¢al r¢SnsibIlItIe9 in accoTdanu with these requirem¢Dts. We b¢li¢ve that the audii ¢vidence we have obtained is suffi¢ien¢ 8od appropri•te io ptovidc a b•$iJ for our opinion. ConcluJlonJ relatlDe ¢0 golni ¢oDee In auditing the financial stotem¢nts. we have ¢on¢h]ded that the both'$ Use of the goin8 concern b1$ of accountin8 in the preparation of the fJnBncial $tst¢ments is apwipriate. Based on the work w¢ have perfonne4 we have nol id¢niified any mat¢Tial uncertainties rel1Th8 io events or ¢onditions thaL individually OT wll¢dively. may ¢aM $ignificani dou on the association's •bility ¢0 coTJlinu¢ 8$ a 80ing ¢on¢ern for a period of 01 least twelve months from wh¢n th¢ financial stsments are authori8¢d for issue. OUT r¢8ponsibilities and the resPOlb]litIeS of the trf>Ard with ffspect to going fontern are sks¢nb¢d in the r¢l¢vAnl 8ectiony of thi$ reiwL Other inform#tloD The other infonnation compnses th¢ infornwtion in¢luded ID the Trujtees, Rep(Yt. thon the financial te[llents and our auditor's report thetron. The iwrd are responsibl¢ for the other inforniatiOD CODtained within the Trystees, Report. Our opinion on th¢ fmancial statements does cover th¢ other infonnation an4 excep¢ w the extent othmwise explicitly thied in our reporf, w¢ <h) not ¢xpre5s any forn] of assuJHnce conclusion th¢reon. Our responsibility 15 to read the other inforniatioD and. in doing so, conxider whether the other inf(Yniation is moteri&lly inconsisient with th¢ fthancial statem¢nts our knowledge obtsined in th¢ ¢ourse of the audit. OT otherwis¢ appears to b¢ m)i¢rially rnisstaied. If we identify such matrrial in¢on5iStencies or apparent material mi$ststements. we are required to detemine whetheT this 8ives rise to a material miss14t¢m¢nt in the fclaI statrments themselves. If, based on the work we have perforned. wc cm¢lude that there is a material Jni55tstement of this other inf0m)lon, we are required to report that W¢ have nothing to reFxTrrt in this rewd. MAtten whleh we Are r¢qlllred to report by e¢pl• We have nothing to rert in Spect of the following matters in relation to whith the Clwities (Am)unts and Reports) Regul1n$ 2008 require u$ io report to you if. in our opinion: - the inforniation given in the financial slements is inconsistent ill any material resp¢et with the bo8rd repoTi" or - $uffKi¢nt ¥countiJig r¢¢orts have not been kept" or Pge 8
Indtptndent Auditor'$ rert to the Tnut¢¢J of KeDd•l Almjhowe Charity (eoDtiTrued) Matters on which we are required to report by uc¢p¢iom wntlDued - the fman¢ial statements are not in weement with the accounting records" or - we hav¢ not recetved all the infotmation and ewlarthtions we r¢quiT¢ for our audit. In addition. we have nothin8 to Teport in reSl of the followin8 matt¢r where the Housing and R¢gen¢rntM)n Act 2008 requires us to report to you if. in our opinion: satisfactory system of control Overtr5410ns has Dsx been Maintsln. R¢5ponJlbllities oftbt bord As ¢xplain¢d more fijlly itt the board's responsibilities siit¢m¢nt set out on pag¢ 7. the board members (who ¥r¢ 81$0 ¢he trwt¢¢$ of the association for the pU05¢S of charity law) ar¢ Tesponsible for th¢ pr¢paration of the r]nancl statements and for being satisfied that th¢y give a and far view, and for such iniernal ¢othtro14s the board deterniine is neceswy io et)able th¢ preparation of fwn¢iaJ statements that are free from material MISStsMen whether due to fraud or error. In preparin8 the fm4n¢i#l stsiements. tb¢ bo•rd is re4x>nsibk for ass¢uing the &wciation's ability to ¢ontinue as a 8oin8 concern, disclosin& a5 applicable. matters related ¢0 goin8 concern and Using the 80in8 concern basls of IOUnting unless the board either int¢nds to liquidate the associaiion or lo cease oFrations. or ha8 no realistic ahernative but to do $0. Audltor'i r¢sponslbllltks tor tb¢ 4¥dll of the nw•neil itAteYll¢n¢s Our obje¢lives are to obthin reonable aSSUTanc¢ 8boui whether th¢ fmancial ststernents L4 4 whole ure frte fTr)m merial misstatemenl whether thie to fraud or em)r. and issue an audttor's report that includes opinion. Reasonable assurance is a high level of assurance. but is not a guaranttt that an audit conducted in aCrdanCe with ISAS (UK) will always det¢¢t a material mi5slatement when it exists. Missia¢¢ments can arise from fraud OT error and are considered material if. individually or in th¢ aggregale, they could redsonlbly be expected io influen¢e the economic decisions of us¢rs iaken on the basis of these financial statements. Irregul4rities, includin8 fraud, aTe instanrxs of nonw¢ornpli•n¢¢ with laws And r¢8ulo1ions. We desi procedures in line with our responsibilities. outlin¢d above. to deteci material misytsiernents in rtspeth of irr¢gularities. Includin8 fraud. Th¢ spccifK proc¢dure5 for this engagement and the extent to whi¢h these are capable of d¢tedin8 irresularities, including ft¥ud is deiail¢d lOw- We identified areas of laws and regula¢ioDS thai could ttlsonably be expxt¢d io h•ve * rnaterial effect on th¢ fu1¢1 $t4tements from our experien¢e and from discussions with mana8ement. We miewed aDy related corresponden¢¢ Ind re¢ord$ of trusttt meetiny to ¥ssess compliance with laws ¥nd regulations and discu55ed the current position with man4g¢ment. We ensured the Judit were alert for any inditionS of non<omplign¢¢ throUoUt the audit work. The charitable company is by a 8tMe11t ¢ompany which reduc¢$ the risk of fraud. We a8scssed the m•n4gernent company's p)li¢ies •nd predre9 on fraud risks. No iDStances of actujl. suspected or alle8¢d fr8ud were id¢ntifKd by us or the mart1ng tompany ID the year. Owing to the inherent limitsiion3 of an audit. there is an unovoidable Tisk that we may not have detected SLwne material misst•t¢ments in the financial Matements, even thou we hav¢ properly planned and pcrforn)ed our audii in accordan¢¢ with auditing stsndards. For emmple, the furtheT removed non41)MplICe with laws and regulations (irre8ularities) is from the events and transactions reflected in the fm8ncial statements. the less lthety the inherently limikd procedures required by auditing SMIddS would identify it. In addition, as with 4ny Judi( there remained i higber risk of non4ection of irregulaTiti¢s, as these may involve eollu$ion. forgery. inniithal omissions. misrepTesentstions (Y the override of controls. We ar¢ not responSile for preventtng non(¥npIicC and cattnot be eXpted io &t¢¢t rompliance with all laws and re8ulations. A further description of our resprnsibilities is available on the Financial Reporting Council's websire at.. htlps:/lwwW.fr¢.org.uklOur.WorklAudiUAudii-4n(k&ssurancelStandards4n&idan¢CIstand3rds.tt#d.gUidan¢e-for- auditorslAUditor5-responsibilrties•for4udivl)¢iPtlQll-Qf-audit0stsp0nsibil1I1Cror4udIl.&x. This d¢5¢riPtion forn part of our auditor'$ report. P*ie 9
Independent Auditovj report to the Ttee4 of Kelld Aknshowe Charity (coRli•ued) U8¢ ol thb report Thi5 report is made solety to the associali4)n's as a body, in accordance with Part 4 of the Chariti¢5 {Ac¢ounts and Reports) RegulioDS 2008 attd section 137 of th¢ Housin8 and R¢g¢n¢rJtion Act 28. r audit WO has b¢¢n undertsken so that w¢ might state to th¢ ¥s$o¢il0'S iKOTd thsxe matters we 4r¢ required to state to them in an auditOT'5 report and for no other PUTpose. To the full¢s¢ extrnt pern)itted by law. we do not accort or assume Te5ponsibTrlity lo anyone othcr than the association and the association's board as a body, for our Audit worK for this r¢porQ or for the opinions we have formed. St•bles Thompson & Brh¢ ststutory Auditor wther House Lowther Strert K¢ndl Cuthbril LA9 4DX Di¢e: Zq aoL4 Stuble$ Thompson & Brtseoe is elis1¢ io oa on auduor in iermt ofsecllon 1212 ofih¢ Componles A¢1 2000. Page 10
KENDAL ALMSHOUSE CHARITY ATEMENT OF COMPREHENSIVE INCOME (INCLt]DING II¥COME AND EXPENDITURE) FOR THE YEAR ENDED 31 DECEMBER 2023 YeAr tjmkd 3111212023 Year ended 31112n022 No Turnover Maintenance conthljutions frrAn T¢sidents Less: losses from voids 221,910 (5,651) 203,361 (6.967) 216259 Optratlnz Colts Servic¢$ Rouiinc TnaiDtenan¢e Cyclical maintenance Extraordinary repairs Managem¢n¢ Romkigh developDMi 196.394 32.741 29.050 25.578 33.934 36,000 34.566 20,668 29.321 18.202 36.000 47.173 (157.303) Oth¢r Incojme Dona¢ion5 and wayleave Qrnnt re¢eived from Homes England for Romlei8h (185.930) 34.028 34,141 Operatln8 Surplusl{Defiett) 59.069 44,605 In¢ome from fixed a15et invesknents Interest receivable and similar in¢ome tnierest and fintn¢ing costs Mov¢ment in fair Ille of investments 3.570 2.326 (17.6261 25.411 3.442 220 (8.290) (18,095} Surplusl{Defi¢lt) on Ordltsry Aetlykks Before T¥xAtknn 72.750 21,882 Ttion on Surplus on ordinary activities l (o) Tot#1 comprehemslve In¢ome for the yur 72,750 21,882 These financial $ts¢¢ments w¢r¢ approved by the TnL%ttts on 22 Apyil 2024 and SAed on their behalf by: P G Dueksbllry Mrs J Hale Tnee Th¢ Annexed notu fonn part of th¢se fitwicial Snents. Ptell
KENDAL AIMSHOiJSE CHARITY STATEMENT OF CILCFs IN RESERVKS FOR THE YEAR ENDED 31 DECEMBER 2023 Prop¢rty lllvegtmenl Restri Endo¢ De9ted R¢Y4lwatknA R¢v•lu•tlon Attumvlted IDtomt Trol At 31 De¢¢mlxr 2021 d l January 2022 61.631 1061.632 714290 176.571 108.503 3.121627 Prior ye¥ adjwtrne re iryay I9.1) (9.0001 As reJtat¢d 61.631 1061.632 176,571 99.503 3.113,627 SWpI Idcficii) f(r th¢ year (S.IIT) 112.278} 39.977 (35.4711 21.882 35.471 Investm¢nt in proF4rty T(rfl ¢ompr&leDthe l•¢0 {5,81T) 35,471 (11278) 4,506 21.882 At 31 Dec¢mbtr 2022 and l JUry 2023 55.814 2.(87.103 714,29) 164.293 104,009 3,135.$09 Swplu5 {defi¢itl for th¢ yt TrsferS re5erve9 Investh)enl in propthy 4.030 21J81 47.339 73,(1 71750 (73.(kSl) Tot•1 eithprthtnsfvt l•eorn¢ 4,030 (73.061) 21.381 120.4 71750 At 31 Detember 2023 59,844 2.024.042 71429) 185.674 224,409 3.208.259 The arnM¢d notes forn) plrt of these fill111 stste1. P4¢ 12
KENDAL ALMSHOUSE CHARITY ATEMENT OF FINANCIAL PoS10N AS AT 31 DECEMBER 21)23 31112r2023 3111212022 As restated Flxed Ajsets Tangible f]xed assets A¢1 in the course of ¢onsInti Inv¢5tments 2.795,( 641.486 335.977 2.795,000 310.566 3.772.463 3,105.566 Cwrrent Askts Debtor$ Bank CurTent coUnt Bank D¢poslt accoun 10,4n 32.794 210,320 7,516 33,281 223.431 253.586 264.228 Credilors Amounts falling thi¢ within one y¢Ar 1526.527) (37,909) Net CurreTht Asts (272.941) 226,319 Tot•1 amets ¢wr¢D¢ Uabllltles 3.499.522 3,331,885 Creditors Amount5 falling due after one year (291,263) (196.376) Tot1 Net A5Jets £3208.259 £3,135,509 The Funds of the Ch*rity Pernianent endowment funds Designated fiu)dg Property revalu•tion regerve Investment revaluation Teserve Accumulat¢d in¢ome reserve io 59.844 2,024,042 714,290 185.674 224,409 55,814 2,097.103 714,290 164293 104,009 12 13 14 £3.208.259 £3,135,509 These fanCIal stst¢m¢S were approv¢d by the Tnwees on 22 Asril 2024 i8ned their behalf by.. bury Mrs J Hale Trustee Trustee The annexed notes forni part of these fiDaDciaJ sthtements. P4%t 13
NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Prknefip81 A¢¢owiti4 Policies Kendal Almshouse Charity is an tncorpordted ChaTirabl¢ Entity (CIOI registered with the Charity Commission on 22 March 2017 (number 1172208) and is a private re8isl¢r¢d wjvider of social housing in the United KingdottL The ChaTity constitutes a publi¢ b¢Aefit entity &$ defined by TrIIS 102. b) $Ll of c¢owtttlDI The fJnan¢i#l statements have bttn prepwed in accordance wtth applicable xcounting $tsndards including Financial R¢portin8 Stsndard 102 'The Finan¢Aal Reporting Standard Applicable in the UK ¥nd Republic of Ireland" (FRS 102). the Ststement of Recornmended Pra¢ii¢e for Social Housing Provid¢r$ 2018. and with the Accounting Direction for private rew¢¢T¢d providers of la1 housiDg in En8knd 2019. The fman¢ial ststem¢ni$ are also pr¢Fwred under the requirements of th¢ Housing and R¢generalion Act 2008 and the Charities Au 2011. The fthancial yeMents bave be¢n wepared on 8 80in8 con¢¢rn basis under the historical ¢OSL convention, modifKd to include certain ims at fair Ille. The fin¢11 statements are prepaTed in sterlin& whi¢h is th¢ fidIOnl cutyency of the Retered Provid¢r, and rounded to the near¢si The significant accounting policies wli¢d in the preparntiott of these fw>anei•l statements are t ijut below. These wlicies have ixen con$istentty applied All years presented un1¢55 otherwise stai¢d. As a sm411 entity. the Ch8rity is not required to a C•th F]ow Ststement. c) Golns ¢oTree The trust¢es wnsId thji there are DO materiAI uncert4iniieJ abJ1 the Charitys ability ¢0 ¢Ontinue 8 8oin8 concern. d) Tan8iblt nxed sRts Tangibk fixed &ssets (ineludtn8 soci•1 hj$18 prr4Xrtie$) are stst¢d •t cost or valuation less ac¢uJnulated depre¢io1im and accumulated impainn¢nt losses as appropriate. Cost includes costs direthly attribu¢able to making the &85et capable of opernting os intended xucb the $1 of acquiring land and buildin8s, development cost& interest charges i)n loans during the deve]opm¢nt Peri1 and expenditure on improvtrnents. Expendire on improvements will be capitslis¢d when il results in incTemen¢al ture ben¢fii$ such as iti¢Te*sittg rental incom4 rething mJllbt¢nance costs or r¢sulting in * Significant extension of the useful economic lif¢ of the proiwty. The Charity's lan1¢ red assets ar¢ made up of housing proFrti¢s which are PTin¢ipally almshowes some of which weTe acquired in 1887 and have tKeviously been record in the accounts •t cost. which wa$ well below the existing u5¢ vthlue &$ gla1 housing (EUV - SH) or open morkd volue. When the properties were transferred to the CIO the OP)rtunity was tsken to value the prop¢rties And the EUV-SH value has been brought into these accounts (see notr 4). Depr¢ci10n is provided on all taDgib]e red assets. at rates cakulat¢d lo wrile off the cosL less ¢stimated residual value. In th¢ ctse of the housin8 properties held at valuation, depTl10n is considered to be immaterial due to the hi Tesithial value so is not I0Vided. Fre¢hold IAnd TS not depTeciated. Housing under c1x¢tim are depre¢14 until they &re in use and the useful economic live5 of 811 fixed assets att reviewed annualty.
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL ATEMElrS R THE YEAR ENDED 31 DECEMBER 2023 Prlmclpal Ac¢ounllng Pojieles (eo•thbued) d) TaDiibk fixed an¢ts (conthiu} As the housing properties are now $hiwm at existin8 uje valuation for Social hous] and the open market value of these prop¢rties is rou8hly twice the EUV-SH value, the residual value of the properties is considered w be higher than the ¢aTryiDg value 4nd #s such deprtcitition 15 not provided. The Valuatio wiu be reviewed on a regular basis. e) Debtorj and trediton rtttfvablt I p4yble wlthth one ymr Debtors and cr¢ditors with no stat¢d interest rate and r¢¢¢iv•ble or payabl¢ within one y¢gr ar¢ rccorded at transa£tion prite. Any 105ses arising from inyirneth are r¢c08n1 in the sthtement of comprehensive in¢ome in other admini8lTative expenses. Rights of social landlords to have improvement works ¢arried oui to prosXrtie5 by a third party (Such as lo[ authority) are ttco8nised as prepaents where p•yTrent bas oc¢urr¢d in adY8nce of th¢ works bein8 ¢•rri¢d out and receipts in advance from the same third party recognised &q liabilities. Asseis and liabilities or income and eXpethdttiC art not otTs¢L Prlor ye•r idlllslmeDt- correctlon Of ¢rror Hi$ioricalty the quarter of H & H Land and Ests5 fees were in¢lud¢d as a Prepanent on the mi$tsk¢n understanding the fees were ¢harged in advaty¢e. This w&s itieorre¢i and the prep#)m¢nt ha5 been r¢moved. As thiq goes back many y¢•Ts there is no err¢rt on the Income gnd Expendire A¢wuni but only on the Ststemeni of Financial Position where Deord •nd the ight forward balance on the A¢¢umulad Income resefft have be r¢du¢¢d by £9,000. Invesithents Investments are recognid iniii#lly at cosi. Subsequent]y. they ar¢ measured ai fair vlllue through the statement of Comprthensivr income if the sh8r¢5 are publicty trthd or their fair volu¢ ¢kn otherwis¢ b¢ measwed reliabty. Other invenents are me& at CO less tinp4irnient. h) 1Am Ald borrowlDV Loans and borrowings are initially recognised •¢ the trans&¢iion price including trattsaction costs. Subsequentfy. they are measured 41 amortised ¢051 using th¢ effective interest rate meth4)d, less imparnnent. If an aJran8ement coLstimtes a fmancing transaction it is measured at pres¢nt valu¢. i) So¢i41 Ho4slni Grits {SHG) #Ad Otber Grants SHG re1Ved a want towards expenditurr ij matched a1n&t that expenditure by being inelud¢d in turnover tn the incorne and exp¢nditUTe account. The related expenditutt is included under op¢rd¢ing costs. SHG is recogllised in the same period as the relakd expenditure Provided the ¢onditions for ILS r¢¢eipt have been 5Stisfied and tbere is renable assurance that the wani will be rtceivcd. Capital 8r8nts are showm in liabiltti¢s iintil the w*iect i% compkied and then released to tumov¢r. j) ProvLslons Pmvision$ Ire rew8nised when th¢ Charity hL% an obligation ai the bal4nce sheet dai¢ as a result of A post ¢venL it is probable that an outtknv of ¢10M1¢ l)¢ttEfi15 will be requÉr¢d in settlemcnt and the amount ca be reliabty estimated. Provisions for cyclical rnaiDtenallce or major works to existill8 Stock ar¢ not made wdess they r¢pr¢sent commitments or cknligatirns at ihe Balanc¢ Sbttt date Whe there is Do discr¢ti(ffi to avoid or delay the expenditure. PAz¢ 15
KEI¥DAL AIthISHOUSE CHARrrY NOTL8 TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2023 I PrlDtipal Ac(ounth¥ Pollties (COD¢itiued) j) Proviiions {tIM¢d) Reqeledcapiial Gronts Fwid Capitsl grllnts call b¢ recycled under certaiD condition. if a property is sold. or if another relevant event takes place. Recycled grants caD be w%ed for PToje¢ts approved by the Homes and Cornrnunities AneY (HCA) and th¢y ¥r¢ credited to th¢ Rewled Capitsl GTtht Fund within liabilitie5. Its certain ¢iUMsne¢$, such the sale of housing properties, ¢¥pithI 8Tants may be repayabl¢, and, in th21 evenL 15 Subordinated to th¢ r¢paymeDi of oth¢T loans by agreement with the Homes and Communities Agency (HCA). It is accounted for as soon a5 th¢ liability arists wtthin CreditOTS.' Amounts falling due within one year. any grjni io be recycled or Tepid is less thatt the grant reliting to the disposal, the difference is tread abat Abated 8raDts as a wmponeni of the surplus or deficit on dispo$41. k) Turnover #nd other IDeothe Turnover is ¢ured llt the fair of the consid¢ratioD rec¢iv¢d or receivlblt includin8 VA T and net of trade discouttts. The FK)lj¢i (W¢d for the re¢o8nition of ttwnov¢r aye as follows: Turnover rerents Tentsl and service char8eJ in¢ome receiVk io th¢ yeu of rent and seTri¢e charge losses from void4 revenue grjnts from the 8ov¢mment (knal authoTities) and the Homes ond Communities A8ency. Properry Alanog¢dty Agents Where the Charity carries th¢ financial Tisk on property managed by a8enf4 all th¢ inccrfne and ¢xpetJditure 8risin8 from th¢ property is in¢lud¢d in the Stalemeni of CompT¢h¢nsive Income. Where the ag¢ney carries the fmancial risK the Ststrment of Comprehenjive Income includes only that income and ¢xpenditure whith relates solety to th¢ Charity. Imeresi and dividendf peceivabl¢ Interest incom¢ is reco8nis¢d ¥$in8 the effrctive intuest method dividezbd InMe is r•cognised as the Chority's righi to receive paymtnt is esthblish¢d. l) Routine Replrs Dd Malnt¢tsnee The costs of routine repairs and maintenance ¥Je ¢har8ed to the IncLMDe aDd Expendirnre A¢¢ount in the year in which thry are incurTed. m) Extr8ordln•ry Repairs Costs of extraordinary repai. wikss representiJl8 Capital itDprovcmenrs to the properties. are charged to thc Income and Expenditure A¢¢ount ID the year in which they ar¢ incurred. n) VAlt Added T•x Kendal Almthouse Charity is not registered for VAT. In these finallcial sta¢em¢nt4 Whe aN>licable, expenditllre is shown inclusive of VAT. o) CxrreDt Tax•tio No t&xation is payable by Kendal Alrnsbous¢ Chlty syrK¢ it has cbaritable and its ¢haritable a¢tivities are exemo tax. P*ge 16
KEI¥DAL ALMSHOUSE CHARrrY NOTES TO THE FINANCtAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2023 Priti¢lpal AceouTrtillz Polkles I¢oDt(Dued) p) D¢$l¥nted nd Restrltted FyDdJ G¢n¢ral funds aTe unrestrided funds which are available lor ai the discretion of the Trustees firanGe of the general objectives of the Charity aJMI which have been desi8naied foT other purposes. Designated funds comprise unrestricted fillkn15 that hJve been sd &side by the Tn¢$ for particular purposes. Th¢ 4ini use of e¥h d¢sfftgDatrd fid is sd out in the notes w th¢ financial statemts. R¢strict¢d funds are fimds which are to be us¢d ID dance with specific reslTiCtiorJS imwsed by donors or which have been rnised by the Charity for pwti¢ular purp)ses. The costs of rnising and administering such funds are char8ed agaiNst the specific fund. Th¢ aim and use of e%h fimd is set out iti the notes to th¢ financial statements. Endowment fund$ remyseni those assets which must be held pennanentty by the Charity. principally investments. Income arising on the endowm¢n¢ funds can be wed in accordance with the objects of the Charity and is includ¢d os unrestricted income. Any capital gains or losses arising on the inyestments rom part of the fimd. Inv¢sthient mana8emen¢ charges atMI legal fees relating to th¢ fid ore charged a¥ain$l the fund. Invethtnt inc£e and g•tns are allocat¢d w the appropriatr fimd. There ar¢ thret desi8nat¢d fimds in these aecounts.. Property FuDd This r¢presents thai proportion of the cost of &Yoperties which w¥ finred by charitable donations and the Charitys reslwrcu. Cy¢M¢al M•lntenTr¢e Fund This Fund represents amounts set &8ide for ¢y¢li¢•l maintenance io meet costs in ¢x¢ess of ldgeted ¢xp¢nditur¢ for any year. Extraordinary Repfirs Fld This Fund represeots amounts $¢¢ aside to carry oui unexpected repairs and capital improvements on housing properti¢$. 2 knrd key petSODDel remunera¢kty Key rnan48cm¢nt aTe defmed as the Tnutres. None of the Tnte¢S received any emohuncnts or had teimbyTsed expeDW. Th¢ Trustees have a servi¢e agreement with H&H JAnd & Eststes who manage the prryernes on a day to day basis. The management fres payable were Ls follow5: 31112r2023 31n2f2022 MaDagwent fees £40,21XI £45,960 Paze 17
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENV FOR THE YEAR EIWED 31 DECEMBER 2023 3 Srp]Us thi Ordill*ry Attlviti 31112r1023 31n2r2022 Sury)lus on ordinary a¢iivities is stst¢d after ¢haTgi Auditors, remuneration iti their capKity as Auditor5 Surplusl(defi¢it) on fair valu¢ movement of investsneDts £6.350 £25.411 £6.350 Auditors, Temuneration irncludes £3.654 for preFw the ¥¢couttts. 4 Flxed Amets". Freehold HolliiTrz Prop¢rty Sl¢dall Vi¢toria and AynAm Chapel Nobl Resl Sand¢s Hospitsl John Aston W¥thins Romleigh and Ww Memorial Gard¢ns Tothl Valuation I January 2023 1.370,OLK) 715.OlXI 450.000 180.000 80.CI)O 2,795,000 Additions (Impainnenty (Reverse revaluation) Valuation as ai 31112n023 £1,370.000 £715.OLKI £450,( £180,0 £80,000 £2,795,000 The properties were independently valued on the transfer of 4ssets lo the CIO by Thomson Asso¢iates on 31 May 2018. Two valu3tions were prep¥red, one for market value with vacant possession whi¢h totalled £5,615.000 and one subjeci to almshoux aDd residency rulrictions which equates to exiMin8 u$¢ value- social houJin8 as required by the Housing SORP 2014. The laner is the value uxd in these to comply with the SORP. The wpertie$ were 811 held f(Y letting and reprts¢w 418eneTrl housin8 units. Genernl wo5 properties amount¢d to £88.562 (2022- £68,191}. The ori8inal cost of th¢ Prowlies is a mix of the lU10n at the tim¢ of trattsferkn th¢ rh•rity and subsequent d¢velopmen¢ work amounts lo £2,895,407 less So¢ia] Housin8 lts of £449,120. Jtnpaimient losses of £659.697 are iti¢luded in those P•ge 18
KENDAL ALMSHOUSE CHARrrY NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ass¢t ID th¢ ¢ovrye of eonstr•¢tirfJll Roml¢Tgh Totsl Additions 641,486 641.486 Cost at 31 December 2023 £641.486 £641,486 Grants of £156.ONJ were re¢eived from Homes Fthgl4nd towards thi% development in the year a further £40,000 was received from W¢stmorland and Furne55 Council in January 2024. All the properties gre going to be rev1co n¢x¢ y¢aT once the development has been ¢ompkteiL Inv¢sthMents Eilraordlllary Permanent Cy¢]kl Repai Edowmenl MlnttD•4¢e Fund Fund Tot•1 Historical cost At l JanuJry 2023 46,102 13,714 44.357 104,173 Histori¢ cost at 31 De¢¢mber 2023 fA6,102 £13,714 £44.357 £104,173 Market valu¢ at l January 2023 Unrealised $UTplus/{deficit) 184,761 17.155 55,814 4,030 69,991 4226 310,566 25.411 Market value at 31 December 2023 £201,916 £59,844 £74,217 £335,977 All the inveslments are placed with COIF and M&G. Debton: AmouDts F#lllD8 Dje Within One Year 3111Y2023 3111212022 Ai restated Weekly maintenaA¢e contribwi¢)ns Other debtor5 PrePaents 1,553 1,284 7.635 398 7,118 £10,472 £7.516 7 Credliors: Amo•nts Flll•g Due Wfthin Om¢ Yr 31112ll023 31112n022 Trnde CrltOrS Bank l¢)an due within one yur Grant T¢ceiYed for e1 in the course of coAsffii¢tion Assd irt the course of constNthion contracted expejws Accrua]s pod deferred income 68,243 6,417 156,000 289.267 6.600 17.427 13.882 £526,527 £37,909 The contrxted expenses ar¢ by further iofin (knvdowns and 8[ts. P*ze 19
FOR THE YEAR ENDED 31 DECEMBER 2023 8 Creditorj: Amo•nts Falliwg Du¢ Alier One Yur 31n2n023 31112Q022 Banklogn due after one year 291263 196.376 £291,263 £196.376 The loan 13 T¢PAyknle over 25 y¢•rs. interest onty for the fust hvelv¢ month4 with interest char8ed at rate +2.1•A. Th¢ loan is secured by a chwg¢ on th¢ freehold bousin8 woperty Nobles Ke5t. D¢bt Ba8ed on the lenders ¢8rli¢st r¢paymtht date. b(l8S ue repayabk 8$ follow5: 3111212023 31111Q022 Within one year or lyn demand One year or MO but les5 ¢wo year5 Two years or rn0 Iwt less thall five Five years or moY¢ 6,417 15.400 61.61x1 214,263 13.882 14.354 44,713 137,309 £297,680 £210258 9 C•pltsl grTrt> re¢¢lved The charity hus rE¢¢iv¢d &85istsDce in rtnovatiOD wojects from the Homes and Community Agency and Westtnorland #nd Furness Coun¢il by way of grants whi¢h would onty be tepayable if the charity were to Jell the properties or cettse actirL8 as a social housin8 tnLSt. As this ts a remrf¢ pos8ilyility no provision for these has been made in these a¢¢ounts. The 4mownts involved pr¢ 8$ follows: 31112n023 3111212022 Sl¢ddall Victoria and Aynam Chapel Nobles Rest Sand¢$ Hospitsl John Asion Watkins Roml¢i&h and War Memori41 Gardens 618.960 115,423 102,197 27,540 34,028 618,960 115,423 102,197 27,540 34,028 £898,148 £898,148 This does Dot in¢lud¢ th¢ Current grants rtteived slk)wn in Creditors.. thie within one yw. Pge 20
KENDAL ALMSHOUSE CHARrrY Ns TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2(123 10 Perm#ent EMdowm¢Trt Fmids Fernent Investment Emdowmetht Revaluatn FwDd Fund Total Balance at l Janw 2023 Unreali5ed surplus 13.714 42.100 4.030 55.814 4,030 Balan¢e 41 31 December 2023 £13.714 £46.130 £59.844 I l De418ttted F•ndJ ExtrAordlnry Cy¢lkl Reptrs Mlntenan¢e Fund Futtd Property Tot•1 Bal¢¢ al l January 2023 Trfs (loyfrom Accumulated In¢om¢ reserve Inv¢sthi¢n¢ in property Trnnsfer for Decent Homes Stsndard 1.884.334 151,499 (8.760) 61.270 15.586 2,097,103 6,826 (94,887) 15.000 (94.887) 7,500 7,500 Balance at 31 De¢¢mbeT 2023 £1.789.447 £150239 £84,356 £2,024.042 The Prom nd wr¢s¢nts iniernal fvnds itiv¢ste41 tn propety. The other funds rep5¢1 funds set &gAd¢ for fikn WOTks on properry. 12 Property RevlutioD Rexrve Sotlal Hou$lh% RevAlutlon R¢Krve Tot41 Balanc¢ Ai l January 2023 Mov¢m¢nl in the year 714,290 714,290 Bal8n¢e at 31 tkcember 2023 £714290 £714,290 13 1Dveslmtttt R¢YlllatioD Raerve Ex¢rordlDary Cyelic81 Repalrs MInienJ¢ R¢vluatwJ Revaluation Totsl Balance at l January 2023 Unrealiwd sury)lus 138.659 17.155 25,634 4.226 164,293 21,381 B4ian¢¢ at 31 December 2Q23 £155,814 £29,860 £185,674 P4e 21
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL ATEmENrS FOR THE YEAR ENDED 31 DECEMBER 2023 14 Aeturnuknted lffj¢omt Rfservt BalaThce at l January 2023 113.009 Prior year adjustment re prepallents (9.000) Balance at l JJDu•ry 2023 as Tld 104,009 Sllryh for tht year ended 31 Deffjb¢r 2023 47,339 Transfer froml(to}'. Invesm)enl ID property. Joan mov¢mcnts Investmenl in propety- addition$ D¢si8nated extrAordinary ryTr fund under sw Desi8naled fvnds- cyclical main¢¢nats£e fund undu spend Designated funds- Decent Hom¢$ Sthttdard 94,887 8,760 (15.586) (15.000) 73,061 Balance at 31 December 2023 224.409 IS An•ty$h of net auets b¢twttD fum T•tt%lbk Flx¢d Auets IDVtJtseDts Credlton due after ole year Total Net CuTr¢n¢ Lknbbllty 31112r2023 P¢rnianenl endowm¢rtt funds Designated fimds Propety revalualion res¢rve Investment revaluatioti reserve A¢¢umulatcd income reserye 59,844 ,459 59,844 2.024,042 714,290 185.674 224,409 2.080.710 714290 144,136 (291263) 185.674 641,486 (417.077) £3,436,486 £335.977 (272.941) (291.263) £3.208,259 The net current liabiliry position 1$ covered by &•wdc•wns 4ttd promis¢d grants. TngilAe Invutmevjts ¢0 Crtdltors due afttr Tot1 Net Currenl Comparntivu.. OD¢ yt¥r 31112r2022 Pennan¢nt ¢ndowment funds Des1al¢d fimds Property revaluation reserye Investment rvv&luation Teserv¢ Accurnulated income reserve 55.814 90,459 55.814 1097,103 714.290 164.293 104,009 1080.710 7142 122.310 (196.376) 164293 104,009 £2.795.(K)) £310.566 226,319 (196,376) £3,135,509 P•Ee 22
KENDAL ALMSHOUSE CHARTrY Regknter¢d Charity Nllmber 1172208 Emtland 5097 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 St*bles ThompsoD & Brix Chart¢T¢d Aeeouitsnts Ststmtory Audbto
KENDAL ALMSHOUSE cHARy FINANCIAL STATEMENTS FOR THE YEAR ENDED 3) DECEMBER 2023 Clwity Inforniation Tnytces, Report Statement of Tnte¢s, RpIbili¢s Jndepend¢nt Auditors, Report 8-10 ststement of Compreknenjive Income ststement of ChaD8es iti R¢serves 12 Ststtment of Financial Posiiif 13 Notes to the FinAncial Stst¢m¢n 14-22
KENDAL ALMSHOUSE CHARITY CIIARrrY INFORMATION Established u CIO 22 March 2Q17 Principa] Offi Suite I, Cutnbria Tourism Business Centre Winderniere Road Stsveley LA8 9PL Rewstered Numbers Registu Charity Number 1172208 Homes and Communities Agency Registration Number A1059 Trusw$ Mr P G [jcks ( Chair) Mrs C D(dwell (Vice Chair) Mi55 S J Barrott (•ppointed 17 July 2023) Mrs H Filch M5 L Gray Mrs J Hale Miss D lnd Mr J Stirling Managing Ageni H & H land & Eststes Suits l. Cumbria Tourism Busin¢sJ Centre Staveley IA8 9PL Tel- 01539 721375 Banke Bar¢lays Bank Pk 9 Highgttr Kend¥l Cumbria LA9 4DF tndcpendent Audiiors Stsbles Thornpn & Bris¢oe Chartered Accountants StsMiory AuditorJ wther House Kendal LA9 4DX Pte I
KENDAL ALMSHOUSE CHARr TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 21ll3 Th¢ Truste¢$ present their report and the audited fmanciil ststements fw th¢ year ended 31 December2023. Governance, Alms, Str¥ttsre and Matyiernent The K¢Dd41 Ahnshouse Chariry was Origilty five charit4bk organisatii)ns re8iSteTcd with the Charity Commission. In 1987. th¢ Charities were amalgamated fv create the Kendal AlMShJ3e Charity wider i MemOTdUrn of Asgoci•lion which e5tsbli5hed the objects and powers of the charitsble or8anisation, dated 2 Dernber 1987. In 2014 the assets alld liabilities of Kendal War Memorial Tru51 w¢re acquwed by KendAI Almsh$¢ Charity. In March 2017. the Charity Commission approved th¢ Conversion to * Cb•ritable IncoTPQrnted Org4ni$ation (CIO). AII the as5e¢s •od opeTation3 w¢re transf¢rr¢d into the CIO from June 2017. The Clwity NumbeT of the CIO is 1172208. There are ¢ighi Trustee5 11 th¢ date of this repor( with one new tnwtee re¢niited during the ]ast year. Mr P G Duckibury remain3 Chair. Mrs C Dodwell Temains •$ Vice Chttir. Mrs J H&le is ¢WY¢Dtly Ch•iT of ihe Finan¢¢ Committee, Mr$ 11 Fitch is Chair of the Lettings Cottunitt¢e Miss D Lund is Chair of th¢ Building Committee. Ten Th¢3 would be the ideal swc¢ur¢. are ell18¢d to,knelwo. to find $uitsble new Truste¢$ and the Chority adv¢rti$ position5 Available. Th¢ skills of the Tret9 aT¢ regularly reYiewe4 and they are 411 encouraged to th a lead in an aspe¢t of the Charity business. Ea¢h Truet IJ appoint¢d to at least one of the thr¢¢ CLYnmitie¢s' FinanK Buildings or Lettiny. It 1$ the policy of the Charity ts) appoint TnLSt¢¢8 with expwi¢nce in the kt¢in8 of residenliil property. re of the ¢lderty and those in need building Conson. fmantt. iDvestrnent l¢gal matters. Prior to appoiniment of new Trn$iee4 th¢ cwNlidaks are Fyovkled with an induction pAck wbich includes the GoverniD8 Instrument and minutes of r¢¢¢nt quarterly m¢etin8s of the ¢ommittees and the full Thi$te¢s. The Chair and cle meel candidates to dTs¢¥s$ the background history and policy of the Chty. together with the fijture plans and objective5 of the organisati(yn. fOre their #ppointsnenL Ea¢h tential Trustee attends a quarterty Trte¢ medin& as on observer. before being •PPQiDted. ChorRty Commission pubiiciiJns gre also made awailabie. together with publications from the National A5$0¢i8tion of Almshouses of which Kendal Almshowe Chgrtry is a member. The stsndard of Alm5houyc Managemeni publication made available for ¢andidat¢3. New Thistees aTe issued with 4 Tree HaDdiYNJk wbich details how the Chity is run and what is exF¢¢d of them. The implications of being a R¢gts*red la1 Housin8 Provider ate also explatned to new Tne¢s. P4e2
KEND.4L ALMSHOUSE CHARITY TRUSTELS, REPORT FOR THE YEAR XNDED 31 DECEMRER 2023 truc Th¢ Finance Committcc meets at It every quarter, bcfor¢ ch quarterly Trnslee mretin8. The txttin8 Committee 4nd Building Cornmittee Me tarly. Rectnily app)inicd Trustecs are appointed to a specific Committee whi¢h is rel¢vaM to iheir exp¢ri¢n¢¢. All eommitte¢s MprISe a minimum of three I"ruses and operate und¢r t¢rnis of reference. The Letting Committee rnccts to decide to app)ini applicants 5eekin8 a hom¢, based on the aims and objectives of the Charity and th¢ cir¢umstsnccs ofthe individual applicants. It a150 liaSe$ with the Building Committee 05 regards UP8rading of vacani units. Th¢ fun¢tion of the Buildin8 Commitl¢e is adv¢se the Trustee5 on major Improvemen refurbishment schemes and th¢ ¢on¢lu$ions of the quinquennial stsrvey ports. Quin4uennial repons are ob(aincd on thc general conditlDn of the housing stock with rccommcndation5 on improvemenls and ur8ent repairs needed. 'IThc5e r¢ports Irc undcrtikcn by a professional Building SurvcyoT. Quinqu¢nnial inspectbon5 w¢r¢ It undenaket) in 2020 arml we will be going out to tender for quinquenttill 5urvey5 Qn all thc pmperry 5k later thi5 year. Th¢re are t)0 Si8nifi¢ant buildin8 repairs requir¢d but there is an on8oin8 pro8ramme of repl#¢ing boilers. internal up8rad¢s and exiernal dccora(ion. Thc Building Committ¢¢ has been con¢entr&ting on the redevekjpment of the"Roml¢i8h" site which be¢n vi¢ani since 2019. Plannin8 pennission was obiained durin8 2021 to demolish ihe bungalow and r¢build with ¢wo scmi. d¢ta¢hed orte drrn dwellin&8 and a new plannins gpplication lo vary ihe design was submitted in 2022 (approvcd Febru8ry 20231. I,ollowing Thvo icndcr processes. a prtferred wn¢ra¢lor apix)inied with a contract price of £541.505.35. Work on 5il¢ ¢ommenc¢d in July 2023 with completion schedulcd for April 2024. Thc Chlty has secured total grani fvndin8 of £248.(KIO: £208.000 from Ilomes England and £40,000 from W¢simorlBnd & Furness Council IWFC). 'lknc Charily Iw r¢¢cived the WFC grant in full Ind 75% ofthc Homes, England, wilh th¢ r¢maining 25% due on ¢omplthMJll. The Charity obtain¢d a loan from Charity Bank in the sum of £480.000. tsf whi¢h was use4J to settle the outstandin8 Fjarclays loan taken oui for thc refurbi%hm¢nt of ihe Sleddal Vicloria Almsht)u$es after the devastation causcd by fl(xMlin8 in 2015, resuliing in nct borrowin8s ofc.£270.0(H) towar¢ts th¢ Ruml¢igh project. The Inan was se¢ured again51 the propcrtics ht Nobles Rest. 'I'he full gmount of the IoAn has now been drawn down. with the final amouni done on 22nd M8r¢h 2024. Thc rcmaining ¢051 of ihe Roml¢iBh projcct is being from ihe Charily's T¢s¢rv¢s. further dctsils of which are providcd bclow. At the lime the loan was (ak¢n OUL thcrc w&$ somc unceriainly about £IOO.OCKI of the 8rant fundin8, which 5ubs¢qucntly awarded. Con5cquently wherra5 it wa5 anticipated that the Charity would usc £200.000 of its reserve5 for th¢ proj¢cL it is rtow cxpected to be ¢loser to £lOO,(Kl. The ¢harity follows th¢ nbles amd rrgulaliL5 of Homes England. em The I'inan¢c Comrnittec monitors the suitsbility and adeqUY of the investments. taking into account ihe OPerlOn8[ and htr requirements of th¢ Charity. It normally rnts imm¢dialy prior the full trustees me¢iin& providing a¢¢urate and iimely rewjrting. The ADUat are Regier¢I AudilLYS. and thc CEerk is a member of the knyal Instittrte of Chartered Surveyors. PAEe 3
KETrAL ALmsHOsE CHARITY TRUEEs, RKPORT FOR THE YEAR EYL DED 31 DECEMBER 2•23 Risk MaThaLemcnt ontinued Together with the existirtg tnana8ement slruclure and administrative 8rrangerncTrt5 in place, regular monitoring of the agreed risk management policy and applicable indemnity in$tsr8nc¢ arTangun¢nts. the Trusttts att l$fIed that 4ppropriate risk management practirtt are in plac¢ to meet the needs of the Charity and protrd its activities. To addres5 the potcntial risk u50ciaied with ihc irnpendin8 retirement of ihc Clerk, the Trustees have agreed pnd Signed a SeiCe Ikvel Agrtement with the Clerk's professional offirc5 H & H Land and E5tate5. Chortered Surveyorg. The Clerk's h8$ instiwed the grlual transfer and delegauon of the Clerk'5 duties to collea8UeS, including the Accounts and Administrntion Deparrni. The Service Jxv¢l AgrE&nent is ]eWed at each quarterly meeting. The Trusl re8ularly reviews its w)licie5 by looking at two io thrt¢ at each quarterly mectin& During 2023. up to the prc¥eni dal¢. almost all the policies and th¢ risk ¥ssessmeni have been reviewed and updatcd. 'lknere li some risk 8SSC<i#ted wilh th¢ Rornlei8h projecL howevu. w th¢ dai¢ of this report, the project is approximately 800h complete and Currwdy cost ovemin is expeacd io be in th¢ order of £2,363.75. The financial risk 1$ being mi¢i8at¢d by 5ecurinB nI fvndin8 sndloon fingncc at the best possible me. in order to keep usc vr the re$erYes in th¢ urder of£ioo,000. Increases in intercst r•l¢s Jr¢ i risk and the option to fix the mortgagc rate will be kept under review by"I'nLStees. "lThe ri#k$ asxiated with th¢ construction and project M18neI mitigated by soinB through a frnder proces4 puttin8 in place a JTC ¢onirKi with some contin8enq and a bond and ¢h¢ appointment of a professional tepm, including thc AhIte¢L Quantity Surveyor and Principlc Dc5iBner. SalTer Coop2r are Ytlso providinB profLs5ional consultsncy services in re18tion ¢0 the man88emeni of ST1 funding ond ¢18ims. Conflicls_Q nterest At the stArt of cach meeling of Trustees, including Commillee meetin#& attendees are asked to dcclar¢ arty conflicts of interest. During the period all Trnsitts si8n¢d a dKlarntion they are no¢ conn¢d¢d io any of the regular suppli¢rn pnd contractors eng28ed hy the Chgrity. ObJtetlve¥ Aclivitia Public Beog Tht Charily'5 prin¢ipal objective is to providc a wide range of affordable unfumi8hed homes for those in need and who rtside in the town of Kendal. Curnbria. and adjoining parishe5, &5 defincd in thc Charity's Governin8 InstNment. tkpending on ¢he l¢v¢l of interesi from these areas, li is pemissible to cxtcnd ihc d¢fLn¢d re8ion into thc areas frjmially within the Distyirt of South tthlat)d aJMI the Borou of Bwrow-iA-burnes$ (now within Westmorland & Furn¢55 Council). The Trustees ¢onfJmi that they havc rcvicwed the Charity Commission's 8uid8ncc on the provision of publie benefit nd consider that the public t*n¢fil requirement is duly satisfied by thc activities wricd in athievin8 the Charity's objectives. Vacancies for almshouses are advertised in a local week]y newspaper and on the Charity'5 wd)site. Appli¢ants are rrquired io completc a detsiled applitiOn fonn. All applications are form8]ly considered by the L¢ttin8 Cotnmittee, which will intCTVi¢W Bpplirants as nccc55ary. No restrictions are plac¢d on applications by virtue of gender or for so¢ia]. r¢li8ious or ethnic rc&wns. Page 4
KENDAL AIMSHOUSE CHARrrY TRUSTEES. REPORT K)R THE YEAR ENDED 31 DECEMBER 21123 Under the provision5 of the Gov¢rnin8 IDsttiun¢nl weference 1$ given to pa¥ons aged SO years or rn0. West]llorland and Furness Coun¢il works closely wtth the Charity to help idtify those in n¢ed ID the area. The Charity a]so li#is¢s with Social Services to adaw properties for the ben¢frt of occupiers. Regular inspections covering the 8eneral coDdilion of the Charity's properties art undertaken by the Cl¢t where necessw a qualified building swveyor to highlight improvements aDd other work n¢¢ded to maintairt the buildings in a good stsle of long-iem) repair. Additionalty. the oppornmity is Dormally takety when a propeity becomes vacanL to improve the facilities as ncc¢s5ary. slt[n8 initiauves involve p&dIng the quality of the Charrty'5 housing stock to achieve Decent Homes Stsndards. I requÉrement of Hne$ England as KeDd¥l Aimshouse Charity is Rewtered Social Housing Provider (RSHP). In 2020 Speciall Jurveyors were engl& to estsblisb •ny immediate r¢quir¢ments necessary to the housing stoc ¢xcluding SleddAI Victoria Atmshous¢s which were substsntially refijrbished restored after th¢ 2015 floods, to comply with D¢¢ent Home Standard Ststus. All ikm$ high1htCd to be oddre55ed in the medium tenn have be¢n Addressed. Achl•veJwents A Trd Perform#ntt Tar et Rents The weekly Mainten¢¢ contributions m4intsined within the guideliDes of the Homes and Communitie$ Agency. All the housin8 stock, with the ¢xcepiion of Romleigh, forn)erly the property of the Kenthl War Memori•l TTUSL are now at target rems. Th¢ weekly maintenanc¢ ¢ontributions w¢rr reviewed and Incr¢W ID line with the Homes England guidelines, with eff¢ct from January 2024. Im rovements and M ' an¢ Roml¢igh was demolished in 2023 and two new alrnshouses are being constructed on the sile. These are ¢xpe¢ted io be re#dy lo occupy by early summer. Ther¢ are no other si8nifi¢•nt p11 works or improvernents propwed for 2024. A larg¢ stone boundary wall at Nobles Rest whi¢h had partially ¢ollapsed was rebuilt durllw 2023. External de¢oration of the almshou9¢5 at Sandes H(wital and the fron¢ elevation of the Sleddal Victoria almshouses was etirried out in 2023, wlth the rear elevation thie to be completrd Swill8 2024. A$ pn)ptrti¢s have become vKanL they have undwDe minor improvements and refurbishment. Fl#aDri•l Revlew An annual bud8et was ronsider¢d and ayeed by the Thte¢S at the 2023 and 2024 meetings, based on ihe recommendations from the National Association of A]mshouses for annual amounts for each of the three designated funds. beitig routine mainien•nc¢. extraordioary rcpgirs and cyclic81 IntenanCe. The OUi¢ome of the ¢PrIty'S OP¢Tations for the year ended 3 1st De¢onber 2023 shows gn operating surplus iti th¢ Slement of Comprehensive In¢ome of £59,069 up £14.464 (xl 2022, primarily duc to the ¢xF¢nditure on th¢ development of Romleigh now being in the co1ctiOn phase. Totsl comprehensive income was £72.750 for the year which was higher than th¢ totsl of £21,882 for 2022 primerily due to the reversal of the movement in the fair value of the investsients. Any costs reling to Romleith from Janwy 2023 onwards have betn capitsli5ed. P•ge S
KENDAL AIJISHOUSE CHARITY TRusfEES' REPORT FOR THE YLIR ENDED 31 DECEMBER 2023 At 31 December 2023 the arity had • sury)lus on iDcome of £224.409 before the long terni mortgage of £291263. The Trustees have adopted a reserv wlicy to build a free reserve equivalent to one y¢ar's income from weekly maintenance contributions (currentty £223226). Th¢ Ttserve set aside wovides fina101 stybilty and the meat)s to the d¢v¢lopment of the principle activity. Our reserve level is set with the knowied8e that significant void levels may occur due to the age and type of wop¢rfi¢$. ThtreS aTe awor¢ that some prop¢rEies lie withRn the Kenda] Flood Zone and have experience of significant PTolonBed voids as a consequence of11(J(Jdin& although flOj prevention measu9 aTe urrently Under Construction. The Th]stee5 meet regularly. quart¢rty. to review th¢ )mount of resvv¢$ that are T¢quir¢d to ensure they are adequate to fulfil the ¢offjinuiDg oblig81ions. It was proposed ¢0 use £IOO,000 of the Kcumulat¢d income for the Rornlei8h projeci in 2023. with another £lOO,000 required for Romle1 coming from th¢ Emergency Repair Fund inv¢sttnents if required. To £13.061 of accumulatsd income been us¢d. The tothl inves1nttts gt 31 Dc¢ember 2023 4re £335,977. The Charity's obj¢ctive for the inv¢stsnent of fijnds not requir for short4enn and mcdium-tenn operdtional reasons is io apply such funds so as to achi¢vc a balance behve¢n income 8ener8tion and capitol growth over the lon8er temi, ¢onsi5tent with th¢ dcee of risk ¢ort$idered £¢pble by the Tru5lttS. Accordingty, the fund5 are invested in COIF and NAACIF which are considered to provide an gequate 5weMI of risk and an ac¢eptable Tetyrn and •re monitored re8ul8rly by the Finance con71t¢¢. V•lu¢ for money Kendal A]mshou#e Charity asse$8eg how it is a¢hieving for money in deliverin8 its PUWlse Ind objectives, in accordance with regulator's Stdard on valu¢ for money. This means managing r¢sources economically effici¢nlfy and effectiv¢ty to provide quality setvices and bomes. The TTU31ees review Target rents. investment perforniance. expenses and th¢ charitys r¢gour¢¢s whik se¢king lo achieve de¢¢ni homes Stand and maintain the level of seryi¢e expeded by lents. V¥lue for money metrles Kendgl AITnshouse Charity 1$ 8 small provider for the ofdisclosuT¢ of the Value for Money Metrics. Dixlosurts are as follows.. 2020 2023 2022 2021 2019 Reinv¢sim¢ni Y• New supply deliver GeaTin8 EBrrDA MRI Interest cover Headline Social Housing Co per UDII Operaling margin Return on C4pitsl Employed 0% 0% 8Y .286% Iiy. 1216% 8% 58(rA 8% 1115% 12/• 686•A £3,837 26•/o 2V• £4.535 23% £5,033 £2255 26Y• IY• £2.411 46•h The Value for Money Metrics are variable as this is • snmll RSL amd Iny project will affect the ratios more than iar8er RSLS. Page 6
KENDAL ALMSHOUSE CHARTrY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21r23 Statemtnt of ¢ompil8ne¢ Kendal Almshouse Charity &% tt regI¢T¢d wovidtr of MKpal housin8 ass¢55es compliance with the Governance Financial Vitibility Stsndard cod¢ of PTXtice issued by th¢ Homes and Communities Agency in April 2015 on an annual basis. The Charity has in plac¢ predureS and 11¢1¢5 to comply with th¢ wd¢ of praciice and the trustees review these regularly. Approved by the Tn15 on 22 April 2024 and siwKd on their bebalf by. P C Dleknbllry Chair STATEMENT OF TRusfEES' RESPONSIBILITIES The Chariiies Aas md giStered social hou$ttig1¢8islatioD require the TDJstees to prep8r¢ financial ststements for e4¢h fmancial year whi¢h gtv¢ a tnK and fair view of the stste of affairj of the Charity ond of the ju?US or defwii for that pwiod. In preparin8 the flnancial stalnents the Thwees requiTed to: • select SUi¢abk a¢¢ountin8 policies Ind wly th¢m ¢OnSiSnUy; make judg¢ments and estimates thal aTe Teawnable Ind PTth¢ stste whether applicabk accouniing Stsndards have b¢tn followe4 Sllbj¢ w any material departures disclosed and ¢xplained in the finAnri•l sth¢ements' aDd prepare the finan¢i41 statemems on the going concern Ixsis unless it is inapwopri¥te io presume that the charity will wnlinue in operation. The Tru&t¢es are responsible fvr keeping proper accountiDg records whi¢h diK]ose with aSoNab •¢¢uracy the financial position of the Charity atkd enkble them to ensure that the fmanci8151atern¢nts comply with the Ch4rilies Act 2011, the Housing and Regenerdiion Act 2008 and the A¢¢ounling Direction f( privale re8iStered provid¢rs of social hou8in8 in Engjand 2019. The Trusttts are T¢sponsible for safeguarding the asstts of the Charity and hence for taking reasonable steps for the prevention and de¢e¢tion of fraud and oth¢r iTTe8ularities. Approved by the Ths¢ees on 22 April 2024 and signed on their bEhalf by: bury Chair P¢7
Ind¢pemdeDt Audi¢orf$ r¢pDrt to the Trustees of Kewd81 Aknsboust Charlty Opinion We have auditrd the fllwiciJI ststements of Kettdal Almshouse Ch8riry forthe ye4r ¢nded 31 De¢¢Tnber 2023, whith comprise the Statement of Comprehensive Inconk, the Statement of Changes in Reserrfes. the Stat¢m¢llt of Financial Position and notes to the fmancial stements. including significant ac¢owiting policies. The r]natt¢ial reportm8 framework that h&q been applied in their PTepardtiOn is applicable law and United Kingdom Accowiting Standards. includiD8 Financial Reporting Stsndard 102 The Financial Rewffting Stsndard 4)plicable in th¢ UK aod R¢pub]ic of beland (utili Kingdom Generally Acceptsd Accounting Prnctice). itt our opinion the financial ststements.. - give a true and fair vi¢w of the stale of th¢ association'5 affairs as ar 31 D¢cember 2023, and of its incoming resources and pplicaiion of re50UTQ¢4 including i¢5 irwme and expenditure, for the year then ended. - have been property prepared iti accordance with Uniied Kingdom Generalty Ac¢eped Accowiting Prndice. and - have been pr¢p8red in accordan¢e with the requÉr¢m¢nis of the Charitiu Aci 2011, the Housin8 aDd Reg¢ner&tion Act 21N)8 ond the Accounting Dir¢ction for priv•tr re8iStered PrOde¥ of sociaL houstiig in England 2019. Ba¥iJ for oplnlon We conducted our audtt in accordance with International Stsnd•rds on Audi¢ing (UK) OSAS (UK)) and appli¢abk law. Our respnsThi iliiieg under tho¥¢ standards aT¢ further descnl>¢d ID ihe AuditoT's resp)nsibilitie5 for the audit of th¢ fmanci&l statements section of Cw report. We are itidependenl of the SocIatIon in a¢eordance with the ethical requirejnents that are relevani to OUT audit of the fffjancial ststements in the UK iticludin8 the FRC'S Ethical Standard, we have fijlfilled our other ¢ihi¢al r¢SnsibIlItIe9 in accoTdanu with these requirem¢Dts. We b¢li¢ve that the audii ¢vidence we have obtained is suffi¢ien¢ 8od appropri•te io ptovidc a b•$iJ for our opinion. ConcluJlonJ relatlDe ¢0 golni ¢oDee In auditing the financial stotem¢nts. we have ¢on¢h]ded that the both'$ Use of the goin8 concern b1$ of accountin8 in the preparation of the fJnBncial $tst¢ments is apwipriate. Based on the work w¢ have perfonne4 we have nol id¢niified any mat¢Tial uncertainties rel1Th8 io events or ¢onditions thaL individually OT wll¢dively. may ¢aM $ignificani dou on the association's •bility ¢0 coTJlinu¢ 8$ a 80ing ¢on¢ern for a period of 01 least twelve months from wh¢n th¢ financial stsments are authori8¢d for issue. OUT r¢8ponsibilities and the resPOlb]litIeS of the trf>Ard with ffspect to going fontern are sks¢nb¢d in the r¢l¢vAnl 8ectiony of thi$ reiwL Other inform#tloD The other infonnation compnses th¢ infornwtion in¢luded ID the Trujtees, Rep(Yt. thon the financial te[llents and our auditor's report thetron. The iwrd are responsibl¢ for the other inforniatiOD CODtained within the Trystees, Report. Our opinion on th¢ fmancial statements does cover th¢ other infonnation an4 excep¢ w the extent othmwise explicitly thied in our reporf, w¢ <h) not ¢xpre5s any forn] of assuJHnce conclusion th¢reon. Our responsibility 15 to read the other inforniatioD and. in doing so, conxider whether the other inf(Yniation is moteri&lly inconsisient with th¢ fthancial statem¢nts our knowledge obtsined in th¢ ¢ourse of the audit. OT otherwis¢ appears to b¢ m)i¢rially rnisstaied. If we identify such matrrial in¢on5iStencies or apparent material mi$ststements. we are required to detemine whetheT this 8ives rise to a material miss14t¢m¢nt in the fclaI statrments themselves. If, based on the work we have perforned. wc cm¢lude that there is a material Jni55tstement of this other inf0m)lon, we are required to report that W¢ have nothing to reFxTrrt in this rewd. MAtten whleh we Are r¢qlllred to report by e¢pl• We have nothing to rert in Spect of the following matters in relation to whith the Clwities (Am)unts and Reports) Regul1n$ 2008 require u$ io report to you if. in our opinion: - the inforniation given in the financial slements is inconsistent ill any material resp¢et with the bo8rd repoTi" or - $uffKi¢nt ¥countiJig r¢¢orts have not been kept" or Pge 8
Indtptndent Auditor'$ rert to the Tnut¢¢J of KeDd•l Almjhowe Charity (eoDtiTrued) Matters on which we are required to report by uc¢p¢iom wntlDued - the fman¢ial statements are not in weement with the accounting records" or - we hav¢ not recetved all the infotmation and ewlarthtions we r¢quiT¢ for our audit. In addition. we have nothin8 to Teport in reSl of the followin8 matt¢r where the Housing and R¢gen¢rntM)n Act 2008 requires us to report to you if. in our opinion: satisfactory system of control Overtr5410ns has Dsx been Maintsln. R¢5ponJlbllities oftbt bord As ¢xplain¢d more fijlly itt the board's responsibilities siit¢m¢nt set out on pag¢ 7. the board members (who ¥r¢ 81$0 ¢he trwt¢¢$ of the association for the pU05¢S of charity law) ar¢ Tesponsible for th¢ pr¢paration of the r]nancl statements and for being satisfied that th¢y give a and far view, and for such iniernal ¢othtro14s the board deterniine is neceswy io et)able th¢ preparation of fwn¢iaJ statements that are free from material MISStsMen whether due to fraud or error. In preparin8 the fm4n¢i#l stsiements. tb¢ bo•rd is re4x>nsibk for ass¢uing the &wciation's ability to ¢ontinue as a 8oin8 concern, disclosin& a5 applicable. matters related ¢0 goin8 concern and Using the 80in8 concern basls of IOUnting unless the board either int¢nds to liquidate the associaiion or lo cease oFrations. or ha8 no realistic ahernative but to do $0. Audltor'i r¢sponslbllltks tor tb¢ 4¥dll of the nw•neil itAteYll¢n¢s Our obje¢lives are to obthin reonable aSSUTanc¢ 8boui whether th¢ fmancial ststernents L4 4 whole ure frte fTr)m merial misstatemenl whether thie to fraud or em)r. and issue an audttor's report that includes opinion. Reasonable assurance is a high level of assurance. but is not a guaranttt that an audit conducted in aCrdanCe with ISAS (UK) will always det¢¢t a material mi5slatement when it exists. Missia¢¢ments can arise from fraud OT error and are considered material if. individually or in th¢ aggregale, they could redsonlbly be expected io influen¢e the economic decisions of us¢rs iaken on the basis of these financial statements. Irregul4rities, includin8 fraud, aTe instanrxs of nonw¢ornpli•n¢¢ with laws And r¢8ulo1ions. We desi procedures in line with our responsibilities. outlin¢d above. to deteci material misytsiernents in rtspeth of irr¢gularities. Includin8 fraud. Th¢ spccifK proc¢dure5 for this engagement and the extent to whi¢h these are capable of d¢tedin8 irresularities, including ft¥ud is deiail¢d lOw- We identified areas of laws and regula¢ioDS thai could ttlsonably be expxt¢d io h•ve * rnaterial effect on th¢ fu1¢1 $t4tements from our experien¢e and from discussions with mana8ement. We miewed aDy related corresponden¢¢ Ind re¢ord$ of trusttt meetiny to ¥ssess compliance with laws ¥nd regulations and discu55ed the current position with man4g¢ment. We ensured the Judit were alert for any inditionS of non<omplign¢¢ throUoUt the audit work. The charitable company is by a 8tMe11t ¢ompany which reduc¢$ the risk of fraud. We a8scssed the m•n4gernent company's p)li¢ies •nd predre9 on fraud risks. No iDStances of actujl. suspected or alle8¢d fr8ud were id¢ntifKd by us or the mart1ng tompany ID the year. Owing to the inherent limitsiion3 of an audit. there is an unovoidable Tisk that we may not have detected SLwne material misst•t¢ments in the financial Matements, even thou we hav¢ properly planned and pcrforn)ed our audii in accordan¢¢ with auditing stsndards. For emmple, the furtheT removed non41)MplICe with laws and regulations (irre8ularities) is from the events and transactions reflected in the fm8ncial statements. the less lthety the inherently limikd procedures required by auditing SMIddS would identify it. In addition, as with 4ny Judi( there remained i higber risk of non4ection of irregulaTiti¢s, as these may involve eollu$ion. forgery. inniithal omissions. misrepTesentstions (Y the override of controls. We ar¢ not responSile for preventtng non(¥npIicC and cattnot be eXpted io &t¢¢t rompliance with all laws and re8ulations. A further description of our resprnsibilities is available on the Financial Reporting Council's websire at.. htlps:/lwwW.fr¢.org.uklOur.WorklAudiUAudii-4n(k&ssurancelStandards4n&idan¢CIstand3rds.tt#d.gUidan¢e-for- auditorslAUditor5-responsibilrties•for4udivl)¢iPtlQll-Qf-audit0stsp0nsibil1I1Cror4udIl.&x. This d¢5¢riPtion forn part of our auditor'$ report. P*ie 9
Independent Auditovj report to the Ttee4 of Kelld Aknshowe Charity (coRli•ued) U8¢ ol thb report Thi5 report is made solety to the associali4)n's as a body, in accordance with Part 4 of the Chariti¢5 {Ac¢ounts and Reports) RegulioDS 2008 attd section 137 of th¢ Housin8 and R¢g¢n¢rJtion Act 28. r audit WO has b¢¢n undertsken so that w¢ might state to th¢ ¥s$o¢il0'S iKOTd thsxe matters we 4r¢ required to state to them in an auditOT'5 report and for no other PUTpose. To the full¢s¢ extrnt pern)itted by law. we do not accort or assume Te5ponsibTrlity lo anyone othcr than the association and the association's board as a body, for our Audit worK for this r¢porQ or for the opinions we have formed. St•bles Thompson & Brh¢ ststutory Auditor wther House Lowther Strert K¢ndl Cuthbril LA9 4DX Di¢e: Zq aoL4 Stuble$ Thompson & Brtseoe is elis1¢ io oa on auduor in iermt ofsecllon 1212 ofih¢ Componles A¢1 2000. Page 10
KENDAL ALMSHOUSE CHARITY ATEMENT OF COMPREHENSIVE INCOME (INCLt]DING II¥COME AND EXPENDITURE) FOR THE YEAR ENDED 31 DECEMBER 2023 YeAr tjmkd 3111212023 Year ended 31112n022 No Turnover Maintenance conthljutions frrAn T¢sidents Less: losses from voids 221,910 (5,651) 203,361 (6.967) 216259 Optratlnz Colts Servic¢$ Rouiinc TnaiDtenan¢e Cyclical maintenance Extraordinary repairs Managem¢n¢ Romkigh developDMi 196.394 32.741 29.050 25.578 33.934 36,000 34.566 20,668 29.321 18.202 36.000 47.173 (157.303) Oth¢r Incojme Dona¢ion5 and wayleave Qrnnt re¢eived from Homes England for Romlei8h (185.930) 34.028 34,141 Operatln8 Surplusl{Defiett) 59.069 44,605 In¢ome from fixed a15et invesknents Interest receivable and similar in¢ome tnierest and fintn¢ing costs Mov¢ment in fair Ille of investments 3.570 2.326 (17.6261 25.411 3.442 220 (8.290) (18,095} Surplusl{Defi¢lt) on Ordltsry Aetlykks Before T¥xAtknn 72.750 21,882 Ttion on Surplus on ordinary activities l (o) Tot#1 comprehemslve In¢ome for the yur 72,750 21,882 These financial $ts¢¢ments w¢r¢ approved by the TnL%ttts on 22 Apyil 2024 and SAed on their behalf by: P G Dueksbllry Mrs J Hale Tnee Th¢ Annexed notu fonn part of th¢se fitwicial Snents. Ptell
KENDAL AIMSHOiJSE CHARITY STATEMENT OF CILCFs IN RESERVKS FOR THE YEAR ENDED 31 DECEMBER 2023 Prop¢rty lllvegtmenl Restri Endo¢ De9ted R¢Y4lwatknA R¢v•lu•tlon Attumvlted IDtomt Trol At 31 De¢¢mlxr 2021 d l January 2022 61.631 1061.632 714290 176.571 108.503 3.121627 Prior ye¥ adjwtrne re iryay I9.1) (9.0001 As reJtat¢d 61.631 1061.632 176,571 99.503 3.113,627 SWpI Idcficii) f(r th¢ year (S.IIT) 112.278} 39.977 (35.4711 21.882 35.471 Investm¢nt in proF4rty T(rfl ¢ompr&leDthe l•¢0 {5,81T) 35,471 (11278) 4,506 21.882 At 31 Dec¢mbtr 2022 and l JUry 2023 55.814 2.(87.103 714,29) 164.293 104,009 3,135.$09 Swplu5 {defi¢itl for th¢ yt TrsferS re5erve9 Investh)enl in propthy 4.030 21J81 47.339 73,(1 71750 (73.(kSl) Tot•1 eithprthtnsfvt l•eorn¢ 4,030 (73.061) 21.381 120.4 71750 At 31 Detember 2023 59,844 2.024.042 71429) 185.674 224,409 3.208.259 The arnM¢d notes forn) plrt of these fill111 stste1. P4¢ 12
KENDAL ALMSHOUSE CHARITY ATEMENT OF FINANCIAL PoS10N AS AT 31 DECEMBER 21)23 31112r2023 3111212022 As restated Flxed Ajsets Tangible f]xed assets A¢1 in the course of ¢onsInti Inv¢5tments 2.795,( 641.486 335.977 2.795,000 310.566 3.772.463 3,105.566 Cwrrent Askts Debtor$ Bank CurTent coUnt Bank D¢poslt accoun 10,4n 32.794 210,320 7,516 33,281 223.431 253.586 264.228 Credilors Amounts falling thi¢ within one y¢Ar 1526.527) (37,909) Net CurreTht Asts (272.941) 226,319 Tot•1 amets ¢wr¢D¢ Uabllltles 3.499.522 3,331,885 Creditors Amount5 falling due after one year (291,263) (196.376) Tot1 Net A5Jets £3208.259 £3,135,509 The Funds of the Ch*rity Pernianent endowment funds Designated fiu)dg Property revalu•tion regerve Investment revaluation Teserve Accumulat¢d in¢ome reserve io 59.844 2,024,042 714,290 185.674 224,409 55,814 2,097.103 714,290 164293 104,009 12 13 14 £3.208.259 £3,135,509 These fanCIal stst¢m¢S were approv¢d by the Tnwees on 22 Asril 2024 i8ned their behalf by.. bury Mrs J Hale Trustee Trustee The annexed notes forni part of these fiDaDciaJ sthtements. P4%t 13
NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Prknefip81 A¢¢owiti4 Policies Kendal Almshouse Charity is an tncorpordted ChaTirabl¢ Entity (CIOI registered with the Charity Commission on 22 March 2017 (number 1172208) and is a private re8isl¢r¢d wjvider of social housing in the United KingdottL The ChaTity constitutes a publi¢ b¢Aefit entity &$ defined by TrIIS 102. b) $Ll of c¢owtttlDI The fJnan¢i#l statements have bttn prepwed in accordance wtth applicable xcounting $tsndards including Financial R¢portin8 Stsndard 102 'The Finan¢Aal Reporting Standard Applicable in the UK ¥nd Republic of Ireland" (FRS 102). the Ststement of Recornmended Pra¢ii¢e for Social Housing Provid¢r$ 2018. and with the Accounting Direction for private rew¢¢T¢d providers of la1 housiDg in En8knd 2019. The fman¢ial ststem¢ni$ are also pr¢Fwred under the requirements of th¢ Housing and R¢generalion Act 2008 and the Charities Au 2011. The fthancial yeMents bave be¢n wepared on 8 80in8 con¢¢rn basis under the historical ¢OSL convention, modifKd to include certain ims at fair Ille. The fin¢11 statements are prepaTed in sterlin& whi¢h is th¢ fidIOnl cutyency of the Retered Provid¢r, and rounded to the near¢si The significant accounting policies wli¢d in the preparntiott of these fw>anei•l statements are t ijut below. These wlicies have ixen con$istentty applied All years presented un1¢55 otherwise stai¢d. As a sm411 entity. the Ch8rity is not required to a C•th F]ow Ststement. c) Golns ¢oTree The trust¢es wnsId thji there are DO materiAI uncert4iniieJ abJ1 the Charitys ability ¢0 ¢Ontinue 8 8oin8 concern. d) Tan8iblt nxed sRts Tangibk fixed &ssets (ineludtn8 soci•1 hj$18 prr4Xrtie$) are stst¢d •t cost or valuation less ac¢uJnulated depre¢io1im and accumulated impainn¢nt losses as appropriate. Cost includes costs direthly attribu¢able to making the &85et capable of opernting os intended xucb the $1 of acquiring land and buildin8s, development cost& interest charges i)n loans during the deve]opm¢nt Peri1 and expenditure on improvtrnents. Expendire on improvements will be capitslis¢d when il results in incTemen¢al ture ben¢fii$ such as iti¢Te*sittg rental incom4 rething mJllbt¢nance costs or r¢sulting in * Significant extension of the useful economic lif¢ of the proiwty. The Charity's lan1¢ red assets ar¢ made up of housing proFrti¢s which are PTin¢ipally almshowes some of which weTe acquired in 1887 and have tKeviously been record in the accounts •t cost. which wa$ well below the existing u5¢ vthlue &$ gla1 housing (EUV - SH) or open morkd volue. When the properties were transferred to the CIO the OP)rtunity was tsken to value the prop¢rties And the EUV-SH value has been brought into these accounts (see notr 4). Depr¢ci10n is provided on all taDgib]e red assets. at rates cakulat¢d lo wrile off the cosL less ¢stimated residual value. In th¢ ctse of the housin8 properties held at valuation, depTl10n is considered to be immaterial due to the hi Tesithial value so is not I0Vided. Fre¢hold IAnd TS not depTeciated. Housing under c1x¢tim are depre¢14 until they &re in use and the useful economic live5 of 811 fixed assets att reviewed annualty.
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL ATEMElrS R THE YEAR ENDED 31 DECEMBER 2023 Prlmclpal Ac¢ounllng Pojieles (eo•thbued) d) TaDiibk fixed an¢ts (conthiu} As the housing properties are now $hiwm at existin8 uje valuation for Social hous] and the open market value of these prop¢rties is rou8hly twice the EUV-SH value, the residual value of the properties is considered w be higher than the ¢aTryiDg value 4nd #s such deprtcitition 15 not provided. The Valuatio wiu be reviewed on a regular basis. e) Debtorj and trediton rtttfvablt I p4yble wlthth one ymr Debtors and cr¢ditors with no stat¢d interest rate and r¢¢¢iv•ble or payabl¢ within one y¢gr ar¢ rccorded at transa£tion prite. Any 105ses arising from inyirneth are r¢c08n1 in the sthtement of comprehensive in¢ome in other admini8lTative expenses. Rights of social landlords to have improvement works ¢arried oui to prosXrtie5 by a third party (Such as lo[ authority) are ttco8nised as prepaents where p•yTrent bas oc¢urr¢d in adY8nce of th¢ works bein8 ¢•rri¢d out and receipts in advance from the same third party recognised &q liabilities. Asseis and liabilities or income and eXpethdttiC art not otTs¢L Prlor ye•r idlllslmeDt- correctlon Of ¢rror Hi$ioricalty the quarter of H & H Land and Ests5 fees were in¢lud¢d as a Prepanent on the mi$tsk¢n understanding the fees were ¢harged in advaty¢e. This w&s itieorre¢i and the prep#)m¢nt ha5 been r¢moved. As thiq goes back many y¢•Ts there is no err¢rt on the Income gnd Expendire A¢wuni but only on the Ststemeni of Financial Position where Deord •nd the ight forward balance on the A¢¢umulad Income resefft have be r¢du¢¢d by £9,000. Invesithents Investments are recognid iniii#lly at cosi. Subsequent]y. they ar¢ measured ai fair vlllue through the statement of Comprthensivr income if the sh8r¢5 are publicty trthd or their fair volu¢ ¢kn otherwis¢ b¢ measwed reliabty. Other invenents are me& at CO less tinp4irnient. h) 1Am Ald borrowlDV Loans and borrowings are initially recognised •¢ the trans&¢iion price including trattsaction costs. Subsequentfy. they are measured 41 amortised ¢051 using th¢ effective interest rate meth4)d, less imparnnent. If an aJran8ement coLstimtes a fmancing transaction it is measured at pres¢nt valu¢. i) So¢i41 Ho4slni Grits {SHG) #Ad Otber Grants SHG re1Ved a want towards expenditurr ij matched a1n&t that expenditure by being inelud¢d in turnover tn the incorne and exp¢nditUTe account. The related expenditutt is included under op¢rd¢ing costs. SHG is recogllised in the same period as the relakd expenditure Provided the ¢onditions for ILS r¢¢eipt have been 5Stisfied and tbere is renable assurance that the wani will be rtceivcd. Capital 8r8nts are showm in liabiltti¢s iintil the w*iect i% compkied and then released to tumov¢r. j) ProvLslons Pmvision$ Ire rew8nised when th¢ Charity hL% an obligation ai the bal4nce sheet dai¢ as a result of A post ¢venL it is probable that an outtknv of ¢10M1¢ l)¢ttEfi15 will be requÉr¢d in settlemcnt and the amount ca be reliabty estimated. Provisions for cyclical rnaiDtenallce or major works to existill8 Stock ar¢ not made wdess they r¢pr¢sent commitments or cknligatirns at ihe Balanc¢ Sbttt date Whe there is Do discr¢ti(ffi to avoid or delay the expenditure. PAz¢ 15
KEI¥DAL AIthISHOUSE CHARrrY NOTL8 TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2023 I PrlDtipal Ac(ounth¥ Pollties (COD¢itiued) j) Proviiions {tIM¢d) Reqeledcapiial Gronts Fwid Capitsl grllnts call b¢ recycled under certaiD condition. if a property is sold. or if another relevant event takes place. Recycled grants caD be w%ed for PToje¢ts approved by the Homes and Cornrnunities AneY (HCA) and th¢y ¥r¢ credited to th¢ Rewled Capitsl GTtht Fund within liabilitie5. Its certain ¢iUMsne¢$, such the sale of housing properties, ¢¥pithI 8Tants may be repayabl¢, and, in th21 evenL 15 Subordinated to th¢ r¢paymeDi of oth¢T loans by agreement with the Homes and Communities Agency (HCA). It is accounted for as soon a5 th¢ liability arists wtthin CreditOTS.' Amounts falling due within one year. any grjni io be recycled or Tepid is less thatt the grant reliting to the disposal, the difference is tread abat Abated 8raDts as a wmponeni of the surplus or deficit on dispo$41. k) Turnover #nd other IDeothe Turnover is ¢ured llt the fair of the consid¢ratioD rec¢iv¢d or receivlblt includin8 VA T and net of trade discouttts. The FK)lj¢i (W¢d for the re¢o8nition of ttwnov¢r aye as follows: Turnover rerents Tentsl and service char8eJ in¢ome receiVk io th¢ yeu of rent and seTri¢e charge losses from void4 revenue grjnts from the 8ov¢mment (knal authoTities) and the Homes ond Communities A8ency. Properry Alanog¢dty Agents Where the Charity carries th¢ financial Tisk on property managed by a8enf4 all th¢ inccrfne and ¢xpetJditure 8risin8 from th¢ property is in¢lud¢d in the Stalemeni of CompT¢h¢nsive Income. Where the ag¢ney carries the fmancial risK the Ststrment of Comprehenjive Income includes only that income and ¢xpenditure whith relates solety to th¢ Charity. Imeresi and dividendf peceivabl¢ Interest incom¢ is reco8nis¢d ¥$in8 the effrctive intuest method dividezbd InMe is r•cognised as the Chority's righi to receive paymtnt is esthblish¢d. l) Routine Replrs Dd Malnt¢tsnee The costs of routine repairs and maintenance ¥Je ¢har8ed to the IncLMDe aDd Expendirnre A¢¢ount in the year in which thry are incurTed. m) Extr8ordln•ry Repairs Costs of extraordinary repai. wikss representiJl8 Capital itDprovcmenrs to the properties. are charged to thc Income and Expenditure A¢¢ount ID the year in which they ar¢ incurred. n) VAlt Added T•x Kendal Almthouse Charity is not registered for VAT. In these finallcial sta¢em¢nt4 Whe aN>licable, expenditllre is shown inclusive of VAT. o) CxrreDt Tax•tio No t&xation is payable by Kendal Alrnsbous¢ Chlty syrK¢ it has cbaritable and its ¢haritable a¢tivities are exemo tax. P*ge 16
KEI¥DAL ALMSHOUSE CHARrrY NOTES TO THE FINANCtAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2023 Priti¢lpal AceouTrtillz Polkles I¢oDt(Dued) p) D¢$l¥nted nd Restrltted FyDdJ G¢n¢ral funds aTe unrestrided funds which are available lor ai the discretion of the Trustees firanGe of the general objectives of the Charity aJMI which have been desi8naied foT other purposes. Designated funds comprise unrestricted fillkn15 that hJve been sd &side by the Tn¢$ for particular purposes. Th¢ 4ini use of e¥h d¢sfftgDatrd fid is sd out in the notes w th¢ financial statemts. R¢strict¢d funds are fimds which are to be us¢d ID dance with specific reslTiCtiorJS imwsed by donors or which have been rnised by the Charity for pwti¢ular purp)ses. The costs of rnising and administering such funds are char8ed agaiNst the specific fund. Th¢ aim and use of e%h fimd is set out iti the notes to th¢ financial statements. Endowment fund$ remyseni those assets which must be held pennanentty by the Charity. principally investments. Income arising on the endowm¢n¢ funds can be wed in accordance with the objects of the Charity and is includ¢d os unrestricted income. Any capital gains or losses arising on the inyestments rom part of the fimd. Inv¢sthient mana8emen¢ charges atMI legal fees relating to th¢ fid ore charged a¥ain$l the fund. Invethtnt inc£e and g•tns are allocat¢d w the appropriatr fimd. There ar¢ thret desi8nat¢d fimds in these aecounts.. Property FuDd This r¢presents thai proportion of the cost of &Yoperties which w¥ finred by charitable donations and the Charitys reslwrcu. Cy¢M¢al M•lntenTr¢e Fund This Fund represents amounts set &8ide for ¢y¢li¢•l maintenance io meet costs in ¢x¢ess of ldgeted ¢xp¢nditur¢ for any year. Extraordinary Repfirs Fld This Fund represeots amounts $¢¢ aside to carry oui unexpected repairs and capital improvements on housing properti¢$. 2 knrd key petSODDel remunera¢kty Key rnan48cm¢nt aTe defmed as the Tnutres. None of the Tnte¢S received any emohuncnts or had teimbyTsed expeDW. Th¢ Trustees have a servi¢e agreement with H&H JAnd & Eststes who manage the prryernes on a day to day basis. The management fres payable were Ls follow5: 31112r2023 31n2f2022 MaDagwent fees £40,21XI £45,960 Paze 17
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENV FOR THE YEAR EIWED 31 DECEMBER 2023 3 Srp]Us thi Ordill*ry Attlviti 31112r1023 31n2r2022 Sury)lus on ordinary a¢iivities is stst¢d after ¢haTgi Auditors, remuneration iti their capKity as Auditor5 Surplusl(defi¢it) on fair valu¢ movement of investsneDts £6.350 £25.411 £6.350 Auditors, Temuneration irncludes £3.654 for preFw the ¥¢couttts. 4 Flxed Amets". Freehold HolliiTrz Prop¢rty Sl¢dall Vi¢toria and AynAm Chapel Nobl Resl Sand¢s Hospitsl John Aston W¥thins Romleigh and Ww Memorial Gard¢ns Tothl Valuation I January 2023 1.370,OLK) 715.OlXI 450.000 180.000 80.CI)O 2,795,000 Additions (Impainnenty (Reverse revaluation) Valuation as ai 31112n023 £1,370.000 £715.OLKI £450,( £180,0 £80,000 £2,795,000 The properties were independently valued on the transfer of 4ssets lo the CIO by Thomson Asso¢iates on 31 May 2018. Two valu3tions were prep¥red, one for market value with vacant possession whi¢h totalled £5,615.000 and one subjeci to almshoux aDd residency rulrictions which equates to exiMin8 u$¢ value- social houJin8 as required by the Housing SORP 2014. The laner is the value uxd in these to comply with the SORP. The wpertie$ were 811 held f(Y letting and reprts¢w 418eneTrl housin8 units. Genernl wo5 properties amount¢d to £88.562 (2022- £68,191}. The ori8inal cost of th¢ Prowlies is a mix of the lU10n at the tim¢ of trattsferkn th¢ rh•rity and subsequent d¢velopmen¢ work amounts lo £2,895,407 less So¢ia] Housin8 lts of £449,120. Jtnpaimient losses of £659.697 are iti¢luded in those P•ge 18
KENDAL ALMSHOUSE CHARrrY NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ass¢t ID th¢ ¢ovrye of eonstr•¢tirfJll Roml¢Tgh Totsl Additions 641,486 641.486 Cost at 31 December 2023 £641.486 £641,486 Grants of £156.ONJ were re¢eived from Homes Fthgl4nd towards thi% development in the year a further £40,000 was received from W¢stmorland and Furne55 Council in January 2024. All the properties gre going to be rev1co n¢x¢ y¢aT once the development has been ¢ompkteiL Inv¢sthMents Eilraordlllary Permanent Cy¢]kl Repai Edowmenl MlnttD•4¢e Fund Fund Tot•1 Historical cost At l JanuJry 2023 46,102 13,714 44.357 104,173 Histori¢ cost at 31 De¢¢mber 2023 fA6,102 £13,714 £44.357 £104,173 Market valu¢ at l January 2023 Unrealised $UTplus/{deficit) 184,761 17.155 55,814 4,030 69,991 4226 310,566 25.411 Market value at 31 December 2023 £201,916 £59,844 £74,217 £335,977 All the inveslments are placed with COIF and M&G. Debton: AmouDts F#lllD8 Dje Within One Year 3111Y2023 3111212022 Ai restated Weekly maintenaA¢e contribwi¢)ns Other debtor5 PrePaents 1,553 1,284 7.635 398 7,118 £10,472 £7.516 7 Credliors: Amo•nts Flll•g Due Wfthin Om¢ Yr 31112ll023 31112n022 Trnde CrltOrS Bank l¢)an due within one yur Grant T¢ceiYed for e1 in the course of coAsffii¢tion Assd irt the course of constNthion contracted expejws Accrua]s pod deferred income 68,243 6,417 156,000 289.267 6.600 17.427 13.882 £526,527 £37,909 The contrxted expenses ar¢ by further iofin (knvdowns and 8[ts. P*ze 19
FOR THE YEAR ENDED 31 DECEMBER 2023 8 Creditorj: Amo•nts Falliwg Du¢ Alier One Yur 31n2n023 31112Q022 Banklogn due after one year 291263 196.376 £291,263 £196.376 The loan 13 T¢PAyknle over 25 y¢•rs. interest onty for the fust hvelv¢ month4 with interest char8ed at rate +2.1•A. Th¢ loan is secured by a chwg¢ on th¢ freehold bousin8 woperty Nobles Ke5t. D¢bt Ba8ed on the lenders ¢8rli¢st r¢paymtht date. b(l8S ue repayabk 8$ follow5: 3111212023 31111Q022 Within one year or lyn demand One year or MO but les5 ¢wo year5 Two years or rn0 Iwt less thall five Five years or moY¢ 6,417 15.400 61.61x1 214,263 13.882 14.354 44,713 137,309 £297,680 £210258 9 C•pltsl grTrt> re¢¢lved The charity hus rE¢¢iv¢d &85istsDce in rtnovatiOD wojects from the Homes and Community Agency and Westtnorland #nd Furness Coun¢il by way of grants whi¢h would onty be tepayable if the charity were to Jell the properties or cettse actirL8 as a social housin8 tnLSt. As this ts a remrf¢ pos8ilyility no provision for these has been made in these a¢¢ounts. The 4mownts involved pr¢ 8$ follows: 31112n023 3111212022 Sl¢ddall Victoria and Aynam Chapel Nobles Rest Sand¢$ Hospitsl John Asion Watkins Roml¢i&h and War Memori41 Gardens 618.960 115,423 102,197 27,540 34,028 618,960 115,423 102,197 27,540 34,028 £898,148 £898,148 This does Dot in¢lud¢ th¢ Current grants rtteived slk)wn in Creditors.. thie within one yw. Pge 20
KENDAL ALMSHOUSE CHARrrY Ns TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2(123 10 Perm#ent EMdowm¢Trt Fmids Fernent Investment Emdowmetht Revaluatn FwDd Fund Total Balance at l Janw 2023 Unreali5ed surplus 13.714 42.100 4.030 55.814 4,030 Balan¢e 41 31 December 2023 £13.714 £46.130 £59.844 I l De418ttted F•ndJ ExtrAordlnry Cy¢lkl Reptrs Mlntenan¢e Fund Futtd Property Tot•1 Bal¢¢ al l January 2023 Trfs (loyfrom Accumulated In¢om¢ reserve Inv¢sthi¢n¢ in property Trnnsfer for Decent Homes Stsndard 1.884.334 151,499 (8.760) 61.270 15.586 2,097,103 6,826 (94,887) 15.000 (94.887) 7,500 7,500 Balance at 31 De¢¢mbeT 2023 £1.789.447 £150239 £84,356 £2,024.042 The Prom nd wr¢s¢nts iniernal fvnds itiv¢ste41 tn propety. The other funds rep5¢1 funds set &gAd¢ for fikn WOTks on properry. 12 Property RevlutioD Rexrve Sotlal Hou$lh% RevAlutlon R¢Krve Tot41 Balanc¢ Ai l January 2023 Mov¢m¢nl in the year 714,290 714,290 Bal8n¢e at 31 tkcember 2023 £714290 £714,290 13 1Dveslmtttt R¢YlllatioD Raerve Ex¢rordlDary Cyelic81 Repalrs MInienJ¢ R¢vluatwJ Revaluation Totsl Balance at l January 2023 Unrealiwd sury)lus 138.659 17.155 25,634 4.226 164,293 21,381 B4ian¢¢ at 31 December 2Q23 £155,814 £29,860 £185,674 P4e 21
KENDAL ALMSHOUSE CHARITY NOTES TO THE FINANCIAL ATEmENrS FOR THE YEAR ENDED 31 DECEMBER 2023 14 Aeturnuknted lffj¢omt Rfservt BalaThce at l January 2023 113.009 Prior year adjustment re prepallents (9.000) Balance at l JJDu•ry 2023 as Tld 104,009 Sllryh for tht year ended 31 Deffjb¢r 2023 47,339 Transfer froml(to}'. Invesm)enl ID property. Joan mov¢mcnts Investmenl in propety- addition$ D¢si8nated extrAordinary ryTr fund under sw Desi8naled fvnds- cyclical main¢¢nats£e fund undu spend Designated funds- Decent Hom¢$ Sthttdard 94,887 8,760 (15.586) (15.000) 73,061 Balance at 31 December 2023 224.409 IS An•ty$h of net auets b¢twttD fum T•tt%lbk Flx¢d Auets IDVtJtseDts Credlton due after ole year Total Net CuTr¢n¢ Lknbbllty 31112r2023 P¢rnianenl endowm¢rtt funds Designated fimds Propety revalualion res¢rve Investment revaluatioti reserve A¢¢umulatcd income reserye 59,844 ,459 59,844 2.024,042 714,290 185.674 224,409 2.080.710 714290 144,136 (291263) 185.674 641,486 (417.077) £3,436,486 £335.977 (272.941) (291.263) £3.208,259 The net current liabiliry position 1$ covered by &•wdc•wns 4ttd promis¢d grants. TngilAe Invutmevjts ¢0 Crtdltors due afttr Tot1 Net Currenl Comparntivu.. OD¢ yt¥r 31112r2022 Pennan¢nt ¢ndowment funds Des1al¢d fimds Property revaluation reserye Investment rvv&luation Teserv¢ Accurnulated income reserve 55.814 90,459 55.814 1097,103 714.290 164.293 104,009 1080.710 7142 122.310 (196.376) 164293 104,009 £2.795.(K)) £310.566 226,319 (196,376) £3,135,509 P•Ee 22
ST &B STABLES THOMPSON & BRISCOE lèi: {539> llod&S rlo 36 Slrnet It18 prn¢4thr¢ m ¢iM)pktK ofiw*MIit Thrrfl to ThTAe ts knf(¥m of the rewhof0urwiÉ Th• fmdin8s ofthw •wlit th•t the thvity's rIDl tr4rAcdw be# Lxrtrdknj matttn eom¢ kn li4rt (knllig th¢ of ow Mrnial •udtt vthleh th de•lyd lo atslst iry¢8uIth •nd IlId rnliod &) A Tr. if •ny kryilwhy dld ¢ixn• to ¢)ur We h•V¢¢anpl1 with the Elhic•l Standa fi¥Akn Ill to our IMlepththMhAb¢ the of th¢ •udii that wilh draw to >YAf •1knth4 4ThJ Irwt Thisr•FKYth• be•n prerAred fiYth¢ JDie e ofthe IneN ofth¢ knd•l Alm$houtt ClJwityandvAth t¢wordg fifty prty wtin8 or r¢frni#iog frnm •• •rv•uh ofthis ryorL Finalty, wwkl lik¢ to exwem to au m¢mbws of the ¢lwilfv aaff I1#¢d w In
ENDFI) 31 DECEMBER 2023 AND AE(L)MMBNDATIONS Tr I&¥tl*l C 3110512011 thi• vthi Ort of12 lylnk rrigwj by •